Russell Investments’ parent company paid $115 million for the 42-story downtown Seattle tower known until recently as the WaMu Center, according to a document filed Thursday with King County.
The excise tax affidavit confirms reports that insurance giant Northwestern Mutual got the three-year-old skyscraper for a bargain-basement price.
The county lists the assessed value of the property for tax purposes at $300 million.
Russell announced Wednesday that it would move its headquarters and 900 local employees from Tacoma to the building at 1301 2nd Ave. in 2010. President and CEO Andrew Doman said in a prepared statement that “the unique conditions of the commercial real estate market in Seattle” were a factor in the decision, but Russell officials would not elaborate.
JPMorgan Chase acquired the 900,000-square-foot tower a year ago as part of its $1.9 billion takeover of failed Washington Mutual’s banking assets. There was no price breakout for the tower, which had served as the thrift’s headquarters.
Since then, layoffs have largely emptied the building, and Chase has made no secret of its desire to sell it.
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