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The ownership group behind Seattle’s Space Needle has acquired a portion of the Pacific Science Center campus in a transaction valued at $17.25 million. The purchase involves more than 20% of the nonprofit science education organization’s campus, adding to the buyer’s holdings in and around the Seattle Center area near downtown.
According to details reported by the Seattle Times and cited in the original coverage, the transaction includes the Boeing IMAX Theater and part of the Ackerley Family Exhibit Gallery. The IMAX theater closed in February and is scheduled to reopen in May, indicating that the venue is expected to return to active use following a brief shutdown period.
The Pacific Science Center operates as a nonprofit science education organization based in Seattle, with its primary museum campus situated on the grounds of Seattle Center. The entire 6.5-acre property that makes up the broader campus carries an assessed value of $157.8 million, providing a public benchmark for the scale of the institutional asset even though only a portion was included in this specific transaction.
The buyer, Center Art LLC, is an entity owned by the Wright family and led by Ron Sevart, CEO of the Space Needle. With this acquisition, the Space Needle’s ownership group expands its physical footprint in and adjacent to Seattle Center, further consolidating its presence in this high-profile cultural and entertainment district.
Proceeds from the sale will be used by the Pacific Science Center to support planned improvements to its aging campus and buildings. The infusion of capital is intended to help the organization address physical plant needs and advance its longer-term vision for modernizing facilities, even as it cedes ownership of a portion of its site to the Space Needle-related entity.
The transaction underscores an ongoing relationship between major civic attractions clustered around Seattle Center, with both parties aligning the deal to support their respective missions: expanded control and influence over key real estate for the Space Needle’s owners, and reinvestment in core facilities for the Pacific Science Center.
The post Space Needle Owners Buy 20% of Pacific Science Center Campus for $17.25 Million appeared first on CRE Market Beat.
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