PacMed Up For Grabs at Online Auction

When you’re driving past South Seattle, you can’t miss the old Pacific Medical Building in Beacon Hill, that used to be the old Amazonheadquarters. The building, which glows a  fascinating sunset orange at night, will be auctioned off at an online auction in sometime this month.

Photo Courtesy of Wonderland, http://www.flickr.com/photos/wonderlane/

The Seattle landmark has been put on the market by the holders of the delinquent $20.5 million mortgage, which can be found for sale on auction.com, a company selling real estate and real estate debt online for properties across the country. The debt can be renegotiated, or the new owner could move the building into foreclosure, just like CBRE Capital Markets did after they acquired the Smith Tower, another great Seattle landmark. While online real estate auctions are not uncommon around the nation, online auctions for popular landmark properties such as this are certainly new to Seattle.  According to the Seattle Times, the auction is scheduled for April 16th, and will begin at 10am, with the bidding starting at $2 Million, and will last for 24 hours.

New Apartments Planned Near Amazon

It’s no secret that properties on South Lake Union have become a hot commodity with big names like Amazon moving in; and this week, yet another National apartment developer has initiated plans for a large complex in the area. Greystar Real Estate Partners, who manages the largest multifamily portfolio in the nation and manages on a national and local level, has put the paperwork in with city planners to build just across from Boren Ave N, directly across from Amazon headquarters.

The proposal is for a seven story 290 unit building, and will fill half a block on Boren, in between Republican & Harrison St. Currently two older buildings and a parking lot sit on the proposed apartment site. According to the Seattle Times, this will bring the apartment units in South Lake Union up to 2,000, with 900 units  still in the construction phase.

Amazon to Move in on Clise Properties Downtown

There have been rumors circulating that Amazon is looking into purchasing some of the Clise family’s properties in the Denny Way triangle. The deal has been kept very quiet and few knowledgeable Real Estate sources have even heard explicit details on how much they’re planning on sweeping; if they’re planning to purchase at all. Amazon is quickly growing out of their South Lake Union headquarters, and is said to need an additional 2 million square feet over the next five years. With the company expanding in a tight knit area like SLU, moving into a different neighborhood would make sense, as it can be difficult to purchase connecting properties and prices will have skyrocketed because seller’s know they’re in high demand. The Clise properties are near Amazon’s South Lake Union campus, in areas like Queen Anne, Capitol Hill, and Belltown. Sweeping up larger properties in other neighborhoods would certainly gentrify the area; Amazon has totally changed the vibe of South lake Union, with new swanky restaurants, and high end amenities.

Seattle Commercial Real Estate: Small Office Spaces Filling Up

Three Pioneer Square Buildings Sold for $19MAccording to a Seattle Times real estate article, Seattle commercial real estate is experiencing lower vacancy rates and increasing rents. The expected decline in office vacancies is expected to continue, a good sign signaling an upturn in the economy. However, speculative office building isn’t expected to happen unless there is a big-name tenant, like Amazon, to commit to the space. So, if a company wants 50,000 square feet, there isn’t much in terms of current inventory. Currently, Class A office space is $32.98/sq.ft in Seattle, and $31.38/sq.ft in Bellevue. Read the article for more details.

Will Amazon Lease?

The Puget Sound Business Journal (PSBJ) reported that Amazon may take part in what could be the largest leasing deal of the year.  Amazon.com could lease up to 500,000 sf  in the Schnitzer West building in Downtown Seattle’s 8th Avenue.  Amazon’s primary campus is on South Lake Union,  only a few blocks from Schnitzer West.  This rumor has not yet been confirmed by Amazon or OfficeSpace.com.  Seattle has been seeing high commercial vacancy rates, and if this deal happens, it will put a big dent in those numbers.