Escala penthouse in downtown Seattle sells for $6.2 million

Ed and Cynthia Maletis paid $6.2 million for a penthouse unit at the downtown Seattle condominium tower Escala, scene of the popular pulp romance series “Fifty Shades of Grey,” public records show.
That’s the highest price paid for a condo in Seattle in three years, said Escala real estate broker Erik Mehr of Erik Mehr and Associates.
In addition, furniture design studio Roche Bobois is buying commercial space at the base of the condo tower at Fourth Avenue and Virginia Street, Mehr said. He added this deal is scheduled to close early next month, and Roche Bobois, which will relocate from 1015 Western Ave., is paying more than $1 million. The space contains about 4,300 square feet.
The penthouse that the Maletises bought faces north and is on the 31st floor. It measures 5,100 square feet and has a 1,000-square-foot terrace.
From mid-February to mid-March, Escala did more than $19 million worth of residential sales, Mehr said. Of the project’s 269 residential units, 33 remain unsold.
Three years ago, Escala cut prices by as much as 50 percent. Mehr said the project began raising prices in early 2012. Since then, he estimated, prices on average have increased 20 percent.
Ed Maletis was president and CEO of Columbia Distributing Co. from 1993 to 2004.

Marc Stiles covers commercial real estate and government for the Puget Sound Business Journal.

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