Originally published May 11, 2010 at 11:30 AM | Page modified May 11, 2010 at 11:33 AM

Historic building near Qwest Field sells for $14.5 million

Reedo Building was damaged in Nisqually earthquake in 2001.

Seattle Times business reporter

A historic building near Qwest Field was sold Monday by Seattle developer Urban Visions to a Canadian partnership for $14.5 million, according to county records.

Urban Visions acquired the four-story Reedo Building at 542 1st Ave. S. in 2002 for $700,000 and renovated it. The 1904 building, which also fronts Occidental Avenue South, had been damaged extensively by the Nisqually earthquake in 2001.

"It was a good time for us to sell," said Greg Smith, Urban Visions principal. "Now we've got a nice war chest to go out and look for new opportunities."

Starbucks leases most of the office space in the 54,000-square-foot building, but has moved out and subleased its floors to other companies, Smith said.

Elysian Brewing leases the ground floor.

The building's new owner is a limited partnership associated with Nicola-Crosby Real Estate Investments of Vancouver, B.C.

Eric Pryne: 206-464-2231 or epryne@seattletimes.com

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