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January 30, 2012

Alecta buys another property on First Hill

Daily Journal of Commerce

A Swedish pension fund adviser named Alecta has bought another property on First Hill that is zoned for high-rise housing.

Records show last week Alecta paid $5.4 million for a quarter block at 800 Columbia St. The Thiry Family Limited Liability Co. of Renton sold the one-third-acre site, which is occupied by a parking lot and an old office building.

Alecta Portfolio Manager Martin Van Ardenne is based in San Francisco. He did not return a call Friday, and the LLC's agent, Pierre Thiry, was not immediately available. Kidder Mathews broker Stan Snow represented Alecta.

The city of Seattle issued permits to Pierre Thiry to demolish the office building, remove the surface parking lot and cap the sewer. The applications show Thiry hired Magnusson Klemencic Associates to do the geotechnical work, and hired another Seattle company called Demolition Man.

According to its website, Alecta manages more than $73.7 billion for 1.9 million individuals and 32,000 client companies.

This is the third First Hill property Alecta has bought. In late 2010, Alecta bought a site at Boylston Avenue and Seneca Street, where a previous owner planned a luxury condo tower called SkyGarden. It also bought a half-acre next to Harborview Medical Center where Mastro Properties had planned a 26-story apartment project called Harbor Vista.

Rick Osterhout helped broker the SkyGarden and Harbor Vista deals when he worked at Kidder Mathews. At the time, he said Alecta was targeting urban infill sites in global gateway cities.

Alecta bought two large apartment properties in Hillsboro, Ore., last spring for $69.4 million. Earlier this month, it sold a Kent industrial property called Valley Corporate Center for $15 million.

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