Vance Corp.has sold its Plaza 600 Building to Seattle’s Joshua Green Corp. for $54.9 million, a transaction that shows how Vance is well-positioned to ride on Amazon.com’s coattails as the online retailing giant completes its office project in Seattle’s South Lake Union.
Plaza 600 sold for about $262 a square foot. The 20-story office building at Sixth Avenue and Stewart Street in Seattle includes 209,256 square feet of office space.
Seattle-based Vance owns a wedge of six properties that sits like a spear tip directly south of where Amazon has said it plans to build three 1-million-square-foot office towers. Building values and rents likely will get a boost as tech companies cluster around the online behemoth.
Calls to the companies for comments on the transaction were not immediately returned.
In addition to Plaza 600, Vance also owns three blocks running along the south side of Stewart Street from Fourth Avenue to Seventh Avenue, including the seven-story, 60,297-square-foot Times Square Building at 414 Olive Way; the Bank of America block at 500 Olive Way, which includes 30,000 square feet of office space; the 10-story Lloyd Building at 603 Stewart St., which includes 4,547 square feet of rentable space; and, a couple of blocks to the east, the six-story Roffe Building at 808 Howell St. with 43,888 square feet of office space.
