Seattle office properties once worth hundreds of millions of dollars are selling at discounts exceeding 80 percent as major employers surrender office space and shift jobs and investment elsewhere.
Three transactions this year illustrate the reversal: downtown’s 901 Fifth Avenue sold for approximately 84 percent below its 2019 purchase price, Roosevelt Commons in the University District traded for nearly 83 percent less, and Plaza 600 sold for roughly 87 percent below its 2019 recapitalization valuation.
The 41-story tower at 901 Fifth Avenue sold for $48.3 million, compared with $304.5 million in 2019, according to Commercial Property Executive, citing Yardi Matrix data. GT Capital and The Benaroya Co. purchased the property from Vanbarton Group, with the latest price representing a reduction of approximately $256 million…