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December 3, 2020
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Historic Seattle Building Trades Hands

10/21/20

An historic, 60.3k sf building situated just steps from Pike Place Market in Seattle was acquired by an affiliate of Martin Smith Inc. The building, known as "Harold Poll”, is located at 110 Union Street, in the city’s central business district.

The Harold Poll building was built in 1910. Its highly desirable location in proximity to Seattle's transformed waterfront area, historic character and desirable floor plates offered potential buyers a truly one-of-a-kind opportunity.

Kevin Shannon, Nick Kucha, Rachel Jones and Daniel Seger with Newmark Knight Frank represented the seller, the Poll Family, via Columbia Pacific Advisors. The buying entity goes by MSI Poll LLC.

“Selling a building of this historic nature is rare in downtown Seattle today. We received interest from several domestic investors catalyzing a competitive bid-process. We were delighted to work with Martin Smith Inc on behalf of the Poll Family, especially in light of their already significant, Seattle-owned, historic portfolio,” said Shannon.

According to NKF Research, Seattle CBD asking rents averaged $51.41 per square foot (FSG) in the third quarter, up 3.8% year over year. There has been 28.5k sf of net absorption year to date in the submarket and 2.24 msf since the start of 2018. The pace of development in the Seattle CBD remains brisk, with 1.74 msf currently under construction, 42% of which is pre-leased or owner-user.





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