Updated Dec 4, 2024
King County Acquires Historic Dexter Horton Building In Seattle For $36.6M
710 2nd Avenue
$36,600,000
$109/SF
Building Size
335,000 SF
Asset Type
Office
Closing
Jul 3, 2024
About this deal
AI
The historic Dexter Horton Building, located at 710 2nd Avenue in Seattle, WA, was sold to King County for $36.6 million. This 15-story office property spans 335,000 square feet and was acquired at a price of $109 per square foot. The building is home to King County’s Department of Public Defense and other tenants.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $36,600,000
- Buyer: King County
- Brokers: Craig Kinzer, Sean Sussex & Steve Schwartz - CBRE
- Square Footage: 335,000
- Address: 710 2nd Avenue, Seattle, WA
- Market: Seattle, WA
Craig Kinzer, Sean Sussex, and Steve Schwartz from CBRE represented King County in the acquisition of the Dexter Horton Building, facilitating a deal that is expected to result in significant annual savings on leasing costs for the county.
Players
Seattle Office Market Snapshot
Boundary boundary · Office · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.43%
Cash-on-Cash
-0.12%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93