ConocoPhillips building sells for $104 million

A team including Cook Inlet Region Inc. and Anchorage-based JL Properties Inc. has purchased the Downtown Anchorage ConocoPhillips Alaska office tower for $104 million, according to a brokerage firm involved in the deal.

Also included in the deal was Washington Capital Management Inc., headquartered in Seattle. JL Properties announced the sale in a Dec. 16 release.

“We are pleased to add this prominent property to our portfolio of commercial, retail and residential properties in Alaska. We are excited to partner with astute real estate investors such as Washington Capital and CIRI,” JL Properties Chairman and CEO Jonathan Rubini said in a formal statement.

The building complex, at 700 G Street, was constructed in 1983 and is more than 677,000 square feet on 1.7 acres. The 22-story main tower is the tallest office building in the state and ConocoPhillips Alaska is the primary tenant.

National brokerage firm Stan Johnson Co. represented the previous building owner in the transaction and reported the $104 million sale price in a Nov. 20 release.

JL Properties real estate and investment portfolio is more than $2 billion, according to the company.

CIRI is currently working on a new 110,000 square-foot, eight-story office building at the corner of Fireweed Lane and the Seward Highway in Midtown Anchorage. That project is expected to be completed in about a year, CIRI has said.


Elwood Brehmer can be reached at [email protected].

12/16/2013 - 8:48am