The exact date is vague but I remember it being somewhere between Nov 1987-Feb 1988.

I was heading northboud on 4th st N just north of 54th Ave N when myself and 2 friends saw a hovering rectangular object to the ENE above us over the bay.  We tried to decipher what it was against the dark sky.  The rectangular shape contained square like sequential lights with vary faint red dots leading upward to another red spot in the center top of the object.  Based on the lights, it appeard to be spinnig slowly while rotating left/right. Kind of like trying to spin and balance a plate on a stick object. 
It then crossed over 4th st heading west and spead up fast then vanished into the western sky.  For the next 2 weeks after, we saw the same object but higher in the sky and this time off to the west and interestingly they were all around the same time 19:15 to 19:45 hrs.  
Since then I've never seen it again and never came across anyone else who may have witnessed this.  
We did check the news and radio but nothing was mentioned.
Witness indicates that date of incident is approximate.  PD