Frontier sells building, becomes a tenant
The buyer is 1800 41st Street LLC, a Delaware corporation newly registered in Washington and named for the address of twin office buildings, which have been a regional telecommunications office since they were built in the 1980s.
The terms of the deal were not disclosed, but the property, near I-5 and Evergreen Cemetery, has a county-assessed value of about $54.7 million.
Jones Lang LaSalle, a national commercial real estate firm which has a Seattle office, represented Frontier and will lease 165,000 square feet that comprise one of two towers to Frontier and the other tower, of 125,000 square feet, to other tenants.
"We are extremely pleased to invest in this asset, and look forward to acquiring other quality properties here in the Seattle area," said Alex Sassoon, one of the buyer's partners, in a written statement issued by Jones Lang LaSalle. Sassoon was not further identified in the news release.
The buildings were built for GTE in 1981 when GTE was the Everett area's primary telephone provider. Verizon later acquired GTE and in 2010 sold its landline assets to Frontier.
Not surprisingly, the complex "has a robust telecom connectivity and redundant emergency building systems," Jones Lang LaSalle said.
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