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Burrard Pays $9M for Seattle Office Bldg

Salal Credit Union Sells 22,000-SF Dexter Ave. Property
January 19, 2018
Burrard Development, an affiliate of Vancouver, BC-based The Burrard Group, acquired a three-story office building at 1515 Dexter Ave. N. in Seattle from Salal Credit Union for $9 million, or about $400 per square foot.

The office building delivered in 1980 and totals 22,239 square feet. The seller currently occupies the space in part of a sale/leaseback, but will soon relocate in spring this year.

Burrard primarily is a residential developer, but is planning to refurbish the property after the seller vacates and will continue to lease out the property as an office investment. The buyer, however, may eventually convert the property into a multifamily complex.

The CBRE Seattle team of Dan Stutz, Louis Senini, Evan Steinruck, Frank Bosl and Eli Hanacek represented the seller.

Please see CoStar COMPS #4090822 for more information on this transaction.
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