The 98-year-old Cobalt Building near Qwest Field in Seattle has been sold by Zarett Properties for $20 million.

The 122,000-square-foot building at 2200 First Ave. S. was bought by UCM/FPI-Cobalt LLC.

David Zarett bought the building in 1997 for $1.2 million and renovated the structure, which now lists Starbucks Corp., the Cobalt Group, Kinetix Living Corp. and Airtouch Cellular as tenants. Zarett said the building is 100 percent leased.

Reynolds Haas of Colliers International in Seattle represented Zarett in the sale.