Mack Real Estate Group Sells 1411 Fourth in Seattle CBD
As the seller pivots towards a multifamily-centric strategy, assets such as 1411 Fourth have to be traded.
By Alex Girda, Associate Editor
Seattle–Omni Development Capital Corp. has recently completed the acquisition of one of the city’s most iconic office buildings. Worth about $29.6 million, the 1411 Fourth office tower was purchased from an affiliate of Mack Real Estate Group. An HFF investment sales team led by Senior Managing Director Nick Kucha and Director Nick Kassab arranged the transaction on behalf of the seller. Mack Real Estate Group is currently focusing on the multifamily market, leading the company to exit assets such as 1411 Fourth.
1411 Fourth
Located in the city’s central business district, the property totals 123,430 square feet of office space. 1411 Fourth was built in 1929 and occupies a 0.29-acre site in downtown Seattle, at the corner of 4th Avenue and Union Street. The 15-story building offers tenants flexible office space in an area with a 98 Walk Score. The building has floor plates ranging between 7,800 and 8,000 square feet, and also includes a street-level retail component.
Nearby transit options are available at the 3rd Avenue corridor, as well as the I-5 and Highway 99. Pacific Place Mall, Pike Place Market and the Washington State Convention Center are also located in the vicinity of 1411 Fourth.
Image courtesy of Yardi Matrix.
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