Equity Residential buys building near Seattle waterfront

Sam Zell's Equity Residential, the country's largest apartment landlord, has purchased an old six-story office building on the downtown Seattle waterfront in the shadow of the Alaskan Way Viaduct.

An Equity spokesman in Chicago said the company bought the 93-year-old brick-clad building at Western Avenue and University Street as "a long-term redevelopment opportunity" to complement its Harbor Steps apartment complex a block away. It has no immediate plans for the property, he said.

But the seller, Goodman Real Estate of Seattle, had contemplated adding more floors with apartments to the building, at 51 University St. And a broker familiar with the property said he suspects Equity has similar ideas.

"They must be thinking along the same lines," said Bret Jordan, managing director at brokerage Colliers International.

The Alaskan Way Viaduct is slated for demolition in 2016. Many anticipate property values in the corridor will climb with that barrier to the waterfront gone.

Jordan represented the longtime owner who sold 51 University to Goodman last summer for $6.85 million. Goodman renovated the 100,000-square-foot building, originally a warehouse and for years the home of Seattle biotech Immunex, and has been marketing the office space since fall.

Equity paid Goodman $11.75 million, according to county records.

Equity owns or has an interest in 452 apartment projects around the country, including more than 30 in the Seattle area, according to its website.

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