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March 28, 2014

Bay Area buyers hot for this building (and they didn't get it)

Puget Sound Business Journal

Marc Stiles

Barkeep Mick McHugh, the owner of F.X. McRory's, has a new landlord.

Manchester Capital Management on Thursday paid nearly $17.55 million for the F.X. McRory Building, which is in an emerging area of Pioneer Square just north of CenturyLink and Safeco fields. F.X. McRory's, a well-known bar and restaurant that has been a mainstay in the historic neighborhood since 1977, is at the base of the seven-story building at 419 Occidental Ave. S., which was built in 1906. Across the street is the King Street mass transit hub and Stadium Place, the 1.5 million-square-foot mixed-use development now under construction.

This location generated strong interest among buyers, said Kidder Mathews senior vice presidents Dave Speers and Andy Miller, the commercial real estate brokers who marketed the building for sale. "We had well over 100 [potential buyers] registered, and we did over 40 tours, which is a personal record for us," said Speers, who has been in the real estate business 27 years.

For the full story, go to Puget Sound Business Journal.

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