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Martin Selig Real Estate Restructures $500M in Debt for Seattle Office Buildings
Martin Selig Real Estate has completed loan modifications totaling nearly $500 million for 12 Seattle office buildings.
Newmark leases the portfolio, with a team led by Executive Managing Directors Cavan O’Keefe and Jesse Ottele and Director Brody O’Keefe, working with Martin Selig Real Estate’s Leasing Director Michael Brixner. “These modifications send a clear signal to the market that these assets are actively competing for tenants,” said O’Keefe.
The modifications cover nine buildings financed through a loan serviced by Midland Loan Services, along with three additional buildings financed under a separate loan facility. Under the executed Midland agreement, the receivership will be terminated and the loan transferred back to the master servicer before the end of 2026.
Collectively, the modifications position ownership and Newmark to accelerate leasing activity. The 12 buildings total approximately 2.2 million square feet across the Central Business District, Waterfront, Belltown, Lower Queen Anne and Ballard
