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Clise Pulls Prime Property Portfolio from Market

SEATTLE-Capable of supporting as much as 13 million sf of development, the 12-acre chunk of Downtown was expected to fetch upward of $600 million and cost billions to develop.

By Brian K. Miller | Updated on April 24, 2008

SEATTLE- Citing the lack of access to debt capital, the Clise family has pulled from the market a 12-acre chunk of Downtown considered to be one of the largest metropolitan assemblages in the nation. Capable of supporting as much as 13 million sf of development, the portfolio of mostly parking lots and low-rise buildings was expected to fetch more than $600 million and cost an estimated $7 billion to build out.

Located between the Downtown core and South Lake Union in the Denny Triangle area, Clise put the portfolio on the market this time last year , saying it wanted to sell to a strong developer who could complete the redevelopment sooner rather than later. Prior to pulling the portfolio from the market, the company was reportedly in serious negotiations with an international developer that shared the company’s vision for a redevelopment project on par with London’s Canary Wharf or New York’s Rockefeller Center.

“We were unable to come to terms and collectively decided it would be best for both parties to re-examine the proposal after the credit markets settle,” says company chairman/chief executive Al Clise. “We do not take our decision lightly to withdraw from the market at this time, but we are not interested in disrupting the value inherent in the master plan for this site…. We are in no rush to sell a site that took 100 years to put together.”

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