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Trustee Sale Date Set for Two Seattle Office Properties
Two Martin Selig Real Estate office properties have been set to face a trustee sale on April 18.
The company defaulted last year on a $240 million loan funding two adaptive reuse projects: the Federal Reserve Building downtown and the 400 Westlake tower next to Amazon’s South Lake Union headquarters, reported the Puget Sound Business Journal.
In December, MSRE, in a statement, said it may enter into an agreement with the lender, Acore Capital Mortgage LP, to transfer ownership of 400 Westlake and the Federal Reserve Building “as part of a broader strategy to restructure our existing debt and divest select assets,” per the Journal.
Built in 1950, the Federal Reserve building totals 215,000 square feet of centrally located, Class A office space. Located in the heart of South Lake Union, 400 Westlake is an ultra-green redevelopment of the landmarked Firestone Tire Building.
