CIM Group Acquires Seattle Office Asset for $151M

Dexter Horton Building

CIM Group has acquired a historic Seattle office building for $151 million from Pacific Eagle Holdings. The Dexter Horton Building, a 335,000-square-foot Art Deco property built in 1924 for the first bank in Seattle, underwent extensive renovations in 2002 and in 2015.

The 15-story office asset’s most recent renovation upgraded the building amenities, with additions including a penthouse lounge and rooftop deck, bike storage, shower and locker rooms and an indoor dog lounge. Tenants of the building represent a range of industries including technology, government, non-profit, media, healthcare and professional services.

Situated at 710 Second Ave., at the southern edge of the Seattle CBD and the northern border of the historic Pioneer Square, the property offers easy access to an array of cultural attractions, historic landmarks and a variety of shopping and dining. The building is also located in close proximity to Interstate 5 and Highway 99.

Pacific Eagle Holdings previously acquired the property in 2015 for $124.4 million, according to Yardi Matrix data. CIM Group’s acquisition of the building adds to its Seattle portfolio that currently includes One Convention Place, a 312,000-square-foot office building and the Pine Street Garage, an 844-space parking garage.

Last month, CIM Group partnered with Golub & Co. to acquire a 36-story office tower in downtown Chicago for $138 million.

Image courtesy of Yardi Matrix