Ken Alhadeff, the owner of several historic Seattle buildings, just sold five of them to Principal Financial Group for $62 million. The Puget Sound Business Journal reported that it was an emotional event for the whole family due to the fact that the buildings have been in the family for decades. Principal Financial Group purchased the following:
The Broderick Building, 615 Second Ave., 77,553 sq ft, 7 stories, built in 1889 and renovated in 1986, purchase for $13.42 million
The MJA Building, 1613 Second Ave., 16,509 sq ft, 2 stories, built in 1914 and renovated in 1994, purchased for $3.41 million
The Broadacres Building, 1601 Second Ave., 112,889 sq ft, 10 stories, built in 1907 and renovated in 1994, purchased for $23.09 million
The MiKen Building, 1417 Fourth Ave., 47,364 sq ft, 8 stories, built in 1908 and renovated in 1999, purchased for $9.04 million
The Coliseum Theatre, 1506 Fifth Ave., 29,065 sq ft, 1 story, built in 1915 and renovated in 1994, purchased for $13.02 million. (currently occupied by Banana Republic)
With the new zoning guidelines in place, the two-story MJA Building near Pike Place Market could potentially be redeveloped into a 40-story tower with unobstructed views of Elliott Bay and the Olympics. If that is the plan, the 2nd and Pine location of 1613 2nd Ave would surely block views of those purchasing at 1 Hotel & Residences (1600 2nd Ave)!
-Photo: Morris Alhadeff (c.) and Joseph Gottstein (r.) outside Coliseum Theater, Seattle, 1967 Courtesy MOHAI (Neg. No. P-I 1986.5.12632.1)