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7/01/24
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King County in Washington has acquired the landmark Dexter Horton Building, a 16-story, 389k sf office building in downtown Seattle. The structure, built in 1922-1924, was acquired for $36.6 mil.
Located at 710 2nd Ave, the building was sold by CIM Group, who purchased the asset in 2019 for $151 mil, close to five times what they just sold it for. Situated at the intersection of 2nd Ave and Cherry St, at the southern edge of the Central Business District and the northern border of the city’s historic Pioneer Square, the building was designed by John Graham & Associates.
The Dexter Horton Building was extensively renovated in 2002 and again in 2015. The most recent renovation enhanced the building amenities, adding a penthouse lounge and rooftop deck, bike storage, shower and locker rooms, and an indoor dog lounge. Dexter Horton is occupied by tenants representing a diverse set of industries including technology, government, non-profit, media, healthcare, and professional services.
King County's Department of Public Defense (DPD) is one of nine tenants in the building. DPD had been searching for additional space as the department has grown over the years. During the search for additional space, the opportunity to purchase the Dexter Horton Building presented itself, and FMD was tasked with exploring the possibilities of this venture. After considerable research, FMD confirmed the potential for significant savings. King County Executive Dow Constantine then made a formal purchase request to the King County Council. The purchase was approved by the council in an 8 – 1 vote on May 28.
This deal will save King County nearly $2 mil per year in leasing costs and has the potential to be a future source of additional revenue to the county when new tenants fill the vacant space currently available in the building.
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