Denny Triangle Development Site in Seattle, WA Sells for $14.32 Million

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.

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.”

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