Making its initial acquisition in the Seattle market, The Ashforth Company is pleased to announce the acquisition of the Exchange Building.

Ashforth, a 111 year old Stamford, Connecticut based commercial real estate owner, investor and developer, has expanded its presence in the Northwest by purchasing the Exchange Building with its partner GE Asset Management. The Exchange Building, located at 821 Second Avenue, is a 23-story, 295,432 square foot “AA” Designated, Historic office building located in Seattle’s Central Business District.  Completed in 1929, the Exchange Building was originally intended to house the Seattle Stock Exchange; however, it was eventually converted to office space due to the stock market crash in the same year.

Ashforth’s West Coast affiliate, Ashforth Pacific, now owns and manages more than 2.0 million square feet in Seattle & Portland. Ashforth Pacific is based in Portland where it oversees a portfolio which includes Lloyd Center Tower, ODS Tower, Liberty Centre, One Pacific Square, Lloyd 700, and Oregon Square as well as several development sites. Ashforth Pacific is an investor, active in the ownership and operation of office and industrial real estate providing asset management, leasing, property management and construction services for properties in its portfolio.

Scott Langley, President of Ashforth Pacific said, “We believe the purchase of the Exchange Building adds another distinctive asset to our West Coast portfolio – not to mention its historic significance. Our intent is to grow further through acquisition and development in select markets such as Portland, Seattle, and the San Francisco Bay Area.”  This transaction closely follows two Portland acquisitions: One Pacific Square & ODS Tower.

Currently, the Exchange Building is 100% occupied, with King County as its anchor tenant. Other significant tenants include: aQuantive, Inc., Varolii Corporation (formerly known as Par3), and 2 Degrees. The Exchange Building is conveniently located close to Seattle’s mass transit options (including ferry terminals) as well as municipal services, upscale housing, dining and hotel services. In addition to historic office space, the building also offers many ground floor retail amenities, including: Tully’s Coffee, Pacific Drugs, The Goodie Box, Classic Deli, and Graham’s Chiropractic Clinic.

“We are delighted to be part of the Seattle market.  The Exchange Building presents an excellent opportunity for us to develop relationships with our existing tenants, new tenants and the Seattle brokerage community.” said Doug Pugh, Ashforth Pacific’s Senior Vice President of Leasing & Investment.