CIM Group Acquires the Dexter Horton Building in Downtown Seattle
SEATTLE--CIM Group announced today the acquisition of the Dexter Horton Building, a 15-story, approximately 335,000-square-foot Art Deco office building with ground floor retail located in Downtown Seattle, at the southern edge of the Central Business District and the northern border of the historic Pioneer Square.
Built in 1924 for the first bank in Seattle, this historic 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.
The property, located at 710 2nd Avenue, spans a full city block and is bounded by 2nd Avenue to the west, 3rd Avenue to the east, Cherry Street to the south and Columbia Street to the north. Pioneer Square, just to the south of the property, is becoming one of Downtown Seattle’s most revitalized areas, offering tenants easy access to a range of recreational activities, cultural attractions, historical landmark destinations, and an array of restaurants, shopping, and hotels. The property is also located just a few blocks away from Elliott Bay, where Seattle’s major waterfront redevelopment project will soon reconnect the City to its waterfront by removing the Alaskan Way Viaduct and replacing it with over 20 acres of public space, retail, and attractions.
Dexter Horton’s central location also provides convenient access to public transit options on 2nd and 3rd Avenues. The Pioneer Square Station, which provides light rail service from Downtown Seattle south to Sea-Tac International Airport and north to Capitol Hill and the University of Washington, is across the street from the building. Construction is underway to expand light rail east to Mercer Island, Bellevue, and Redmond, as well as further north to Northgate and Lynwood. Freeway access to I-5 is just three blocks to the east and access to Highway 99 just two blocks to the west.
CIM has been involved in the Seattle area for more than 10 years, since it originally qualified the community as an area with strong transportation networks where CIM could utilize its expertise and relationships to own, develop, reposition, and operate properties to serve local real estate needs as well as enhance communities. The acquisition of the Dexter Horton Building adds to CIM’s portfolio that currently includes One Convention Place, a 17-story, approximately 312,000-square-foot Class A office building located on the southeast corner of Pike Street and 7th Avenue, and the Pine Street Garage, an 844-stall garage above approximately 20,000 square feet of retail space at 1601 3rd Avenue. CIM previously owned Butler Garage, a 12-story, 456-stall parking facility located near Dexter Horton in Pioneer Square.
About CIM Group
CIM is a community-focused real estate and infrastructure owner, operator and lender. Since 1994, CIM has led more than $60 billion of projects in communities across the Americas on behalf of its own account and for its partners and co-investors. CIM’s broad in-house expertise includes decades of research, acquisition, credit analysis, development, finance, leasing and property management experience in urban real assets, net-lease assets and other associated credit strategies. Using its disciplined approach and extensive in-house expertise, CIM seeks to create value in projects, which ultimately enhances communities. For more information, visit www.cimgroup.com.