Search
 

Selig Backs Off Portfolio Liquidation

SEATTLE, WA-Boggy economic conditions and a Puget Sound office vacancy rate above 11% are likely factors that contributed to Martin Selig rethinking the timing of a portfolio sell-off -- so say local experts.

By Janet Parker | Updated on December 07, 2001

SEATTLE, WA-Just a few months back, Martin Selig was making news by shaking the bushes in search of a prospective buyer for his real estate portfolio. Now it appears he has changed his mind — at least for the time being — and it comes as no surprise that local industry experts see the about-face as an issue of market timing.

Among the choice selection of addresses now tucked neatly back into Selig’s holdings are the 40-story Class A downtown office tower known as 1000 Second Avenue, and the Fourth and Blanchard property in Belltown. Altogether, the commercial portfolio is estimated to contain 3 million sf of space.

For several weeks at least, local realtors amused themselves with speculation about what the Selig’s properties would fetch in a shaky-legged economy and a Puget Sound office market that at last count was bloated on subleases. By most reports, Puget Sound was host to 3.7 million sf of subleases space as of the end of the third quarter—which contributed in no small part to an average 11.1 vacancy rate.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.