Saturday, March 22, 2008

Quest Communications Seeking $200 Million Sale Leaseback of Seattle Office Tower

Seattle Times - March 20, 2008

Qwest Communications International plans to sell and lease back its Bell Plaza office building in downtown Seattle as it consolidates operations.

"We have about 1,600 employees in the building right now, and most of those would remain," Qwest spokesman Bob Toevs said Wednesday. "We would probably see a couple of hundred employees move to other facilities in downtown Seattle."

The 33-story Bell Plaza is on the southeast corner of Seventh Avenue and Olive Way. It has 531,771 net square feet, King County property records show. Toevs declined to give an asking price for the building.

The median sale price for office buildings in downtown Seattle last year was $390 a square foot, according to real-estate broker Cushman & Wakefield. That would value the Qwest building at about $207 million. Sphere: Related Content

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