ALEXANDER & BALDWIN SELLS SEATTLE, WA. OFFICE/RESEARCH PROPERTY 
Four-Story Building Sold to Educational Research Properties for $26 Million


HONOLULU – Two Alexander & Baldwin, Inc. (A&B) subsidiaries today completed the sale of an approximately 109,000-square-foot office and research facility in Seattle, Washington to Educational Research Properties, a Washington non-profit corporation, announced W. Allen Doane, A&B’s president and chief executive officer. The sales price was $26 million. A&B had purchased the property in 1989. The four-story building today is considered a premier facility in Seattle’s University District and is 100% occupied by tenants ZymoGenetics (biotech research), Group Health Cooperative (health care provider) and research programs and clinics associated with the University of Washington. 

This office/research facility, located at 4225 Roosevelt, near the University of Washington, had been one of A&B’s original mainland income property investments when the Company began to diversify its income property portfolio in 1989. Including this facility, A&B owns approximately 3.75 million square feet of improved properties in Hawaii and on the mainland. 

“During A&B’s ownership,” said Doane, “we were able to enhance this property’s value by increasing revenues and tenanting the building with high quality businesses.” The building is well-located, within walking distance of the University’s main campus and has excellent access to Interstate 5. 

Doane further explained the sale as “an integral part of A&B’s corporate strategy to realize value for its shareholders through selective property acquisitions and sales. Since 1994, A&B has sold four properties (including this Seattle property) for a total sales consideration in excess of $100 million and has acquired thirteen properties in Hawaii and the western United States.”

Doane added, “We continue to look for investment opportunities in areas promising long-term economic growth and property appreciation, and we plan to reinvest proceeds from this sale in additional real estate acquisitions.” 

Alexander & Baldwin, Inc. (NASDAQ:ALEX) is a diversified corporation headquartered in Honolulu with two main subsidiaries: Matson Navigation Company, Inc. (ocean transportation) and A&B-Hawaii, Inc. (food products, and property development and management).

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