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| Denny Triangle Development Site, 1820 Terry Avenue and 1007 Stewart Street, Downtown Seattle, WA |
SEATTLE, WA – Marcus & Millichap (NYSE: MMI), a leading
commercial real estate investment services firm with offices throughout the
United States and Canada, announced the sale of a 20,760-square-foot
development site in in downtown Seattle’s Denny Triangle neighborhood.
The development site is on two adjacent parcels at 1820
Terry Avenue and 1007 Stewart Street. The property is currently occupied by
49-unit apartment building, Williamsburg Court, an attached small commercial
building with two tenants, and a parking lot.
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| Marc Cunningham |
The $14.32
million sales price equates to $690 per square foot.
The buyer also acquired
certain surplus development rights from the adjacent property owner that allow
a larger office building to be built on the site.
The recently approved Master Use Permit is for a 21-story,
365,000-square-foot office and retail tower. Marc Cunningham, vice
president investments in Marcus & Millichap’s Seattle office, represented
the seller, Williamsburg Court LLC.
“Employment
opportunities and companies wanting to locate in downtown Seattle are fueling
demand for more residential and office space,” says Cunningham.
“Amazon’s three
38-story towers, which will provide 3.3 million square feet of office space,
are just five blocks from this development site.”
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| Aspira Apartment Tower Downtown Seattle, WA |
The site for the proposed tower is on the southwest corner
of Terry Avenue and Stewart Street with view corridors to Lake Union, the Space
Needle and the Cascade Mountain Range.
The property is within walking distance
of many of the newer and largest office towers in Seattle, including the
325-unit, 400-foot-high Aspira apartment tower, which is directly across the
street.
The Aspira was completed in 2013 and sold in the same year for $165
million, which equates to $509,000 per unit.
For a complete copy of the company’s news release, please
contact:
Gina Relva
Public Relations Manager
(925) 953-1716
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