Prices for units in the Escala condo tower in downtown Seattle are dropping significantly.

The project owner — Lexas Cos. of Seattle and RREEF Global Opportunity Fund — recently brought in a new team to spur sales in the 269-unit, 30-story tower. They announced new pricing on some of the units this week.

A nearly 1,900-square-foot penthouse that had been listed at more than $4 million can now be had for $2.3 million, and a $12 million penthouse will now sell for just under $7 million.

A 952-square-foot condo will start at $384,000. A 1,607-square-foot unit will list at $699,000. And a 2,442-square-foot unit will begin at $1.6 million.

The price cuts vary.

“Every suite is a little bit different,” said Bob Rennie, owner of Rennie Marketing Systems, part of the new marketing team. He didn't give a percentage drop but called it “a serious price reduction” that addresses the new economic reality. Rennie's company is working with TeamBuilder JLS, the new sales agent.

The team will get the new purchase and offering statement tomorrow or Monday, and sales will officially resume March 23, Rennie said.

Three years after marketing began, just six of the condos have sold, and 67 are under contract. People who have units under contract will be offered new prices, Rennie said.

He said the new team is not involved with the six buyers whose sales already closed.