September 19, 2019
Portland-based Menashe Properties completed its largest deal to date, acquiring Seattle’s historic Medical Dental Building from Seattle-based Goodman Real Estate, Inc. for $113 million. The 297,000-square-foot building, located at 509 Olive Way, was originally constructed in 1925, expanded in 1950 and recently received more than $25 million in building upgrades.
The 18-story Downtown property counts more than 130 tenants, ranging from private medical and dental offices to other companies. The building is near Amazon’s headquarters and Apple’s new facility.
Menashe’s Jordan Menashe says, “The Medical Dental Building is a perfect legacy asset for us, and yet another stepping stone for the next generation of Menashe Properties. The iconic Medical Dental Building is in an A+ location in the heart of booming Downtown Seattle, with South Lake Union only steps away.”
JLL’s Kevin Freels, Logan Greer, Michael Leggett and Gerry Rohm handled the transaction. Broderick Group’s Damon McCartney, Maverick Olivares and Ryan Nelson have the leasing assignment.
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