Rubicon Point Partners has purchased Masin Block in downtown Seattle’s Pioneer Square submarket. The purchase from Alexandria Real Estate was made through Rubicon First Ascent, a fund with $232 million of assets and the ability to acquire up to $770 million of property investment.
“The history, architecture and recent renovation that strategically enhanced the sustainability of the properties are integral qualities and characteristics to us as owners,” said Ani Vartanian, Rubicon’s co-managing partner. “The proximity to the waterfront and entertainment in downtown Seattle is also a key ingredient to what we believe will attract new tenants.”
The current properties combined total 88,693 square feet and were originally built between 1899 and 1905. The property sellers fully rebuilt and seismically upgraded the Masin and Furiya Buildings in 2003 after the Nisqually Earthquake, and the Pacific Commercial Building was fully redeveloped and seismically upgraded i
