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10/23/14
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A 20.8k sf development site in in downtown Seattle’s Denny Triangle neighborhood just sold for $14.32 mil, or $690/sf. The development site is on two adjacent parcels at 1820 Terry Ave and 1007 Stewart St. The property is currently occupied by 49-unit apartment building, Williamsburg Court, an attached small commercial building with two tenants, and a parking lot.
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, 365k sf office and retail tower.
The site for the proposed tower is on the southwest corner of Terry and Stewart, 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 mil, which equates to $509k per unit.
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 msf of office space, are just five blocks from this development site.”
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