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PacMed on the auction block

April 4th, 2012 at 7:04 am | Posted by Wendi Dunlap

The historic PacMed building. Photo by Erick Mota in the Beacon Hill Blog photo pool on Flickr. Thanks, Erick!

Grab your pocketbooks and warm up those credit cards: the Seattle Times reports that the landmark PacMed building on the north tip of Beacon Hill, one-time home to Amazon.com, is going up for auction. But it’s not on eBay, and the starting bid may be a little rich for the average Beaconian’s blood: $2 million.

According to the Times, the holders of the building’s loan, Wright Runstad, have put the loan up for bids at Auction.com, a site that specializes in real estate auctions both online and live. A new owner of the loan might move to foreclose, or to renegotiate the $20.5 million outstanding debt on the building.

Wright Runstad has been unable to find a tenant to replace Amazon. The building was considered for a new King County juvenile court and jail last year, and City University also considered relocating to the historic building, but both plans fell through.

The auction will start at 10 a.m. on April 16.

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