Ace Hardware to Move into the Securities Building Downtown

If you live in and around downtown, you’ll be thankful to hear that the city is finally getting a downtown hardware store. The Myers Group announced that they will be opening an Ace Hardware in the Securities building on 4th and Stewart in the first quarter of 2013. The store will be spread across 7,500 sf of retail space, catering to the ever growing population of city dwellers as well as businesses, creating a convenient place to grab your essentials such as hammers, fasteners and tools on the fly.

The Myers Group has said they’ve been looking for the right location for years, and they’re pleased a hardware store will now be able to assist the downtown population.  “The location adjacent to Bed, Bath & Beyond is a very complimentary fit for a hardware store and the Myers Group and Clise Properties were equally eager to make the terms of the lease work,” said Tom Graff, president of commercial at Ewing & Clark, who leased the space to the Myers Group. “When Richard Stevenson came to me to seek a quality retailer of the space, Tyler Myers was one of my first calls. His store will be a tremendous asset to the area and satisfy a steady request from downtown residential focus groups.” For more information and updates about the space, visit the Puget Sound Business Journal.

Eitel Building Could Become Boutique Hotel

Word has been going around that the historic Eitel Building might have plans to become a boutique hotel. According to the Seattle Times, the folks at Ariel Development have signed a contract to buy the 108 year old building, located on second and pike street. The sale should be closing by the end of the year, and when it does they plan on converting the office space into an 80 room hotel. The location would be ideal for a hotel, right in the heart of downtown, and within close walking distance to the retail shopping downtown.

Eitel Building Location

Ariel has been a part of several of downtown Seattle Hotel projects, including the Courtyard Marriott, and new Hyatt Place Hotel and towers. The Eitel currently has retail tenants in the lower level, but the upstairs floors have been vacant for sometime. The building was designated a historic landmark in 2006, and the previous owner had been trying to redevelop for years with little success because of disputes with the historic preservation advocates. For the Full scoop on the building’s future, visit the Seattle Times.

Century Link Sells Qwest Tower, Nordstrom Scores Huge Lease

Century Link, the Northwest telecommunications hot shot has sold downtown Seattle’s Qwest tower, it’s previous corporate building, and Nordstrom is all set to lease over half of the building’s office space. The building was sold to Clarion  Partners last week, a New York Real Estate firm, for $137 Million according to the Seattle Times. This marks the 2nd largest commercial sale in King County this year.

Photo Courtesy of blumbergblog.com

The property has held several different names over the years, including 1600 Bell Plaza, Qwest Plaza and Bell’s headquarters. Clarion plans to complete several renovations to the building, including redesigning the lobby and adding underground parking stalls and ground floor retail. Nordstrom is leasing over 300,000 sf in the tower and plans to move in this fall, while Century link also plans to stay and lease some of the space as a tenant. Nordstrom’s 20 year lease is yet another indication of the company’s broad expansion and even before the signing of this particular lease, the NW retail giant occupied over 1 Million sf in downtown Seattle. For more information on Qwest Tower plans, visit the Seattle Times.

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.

Smith Tower to be Auctioned off in Foreclosure Market Friday

The iconic 97 year old Smith Tower, Seattle’s first skyscraper, is set to be sold at a foreclosure market this Friday, March 23rd outside the King County Administration Building. The building’s owner, Walton Street Capital has fallen behind on loans totaling $42.5 million that they took our when they bought the building, as well as a building kitty-corner to Smith Tower in 2006. The building fell into the hands of CBRE Capital Markets of New York last fall, and began planning for foreclosure last week.

According to The Seattle Times, CBRE paid less than what Walton owed on the building, and is likely to regain ownership of the building by default if bidders fall short of the outstanding debt. Fancy owning the Smith Tower? Come prepared with a cashier’s check; all purchases at the auction must be paid in full at time of purchase.

Seattle Pi Globe could be Landmark Status

A trio composed of the Hearst Group, the City of Seattle, and the Museum of History and Industry is working towards saving the Seattle Pi Globe. Everyone has been wondering what will come of the globe since the Seattle PI went viral and stopped printing in 2009. The cost to upkeep the rotating globe is quite steep, somewhere around $60,000 a year according to the Hearst Group. And that just covers maintenance costs. The 18 ton, neon lit globe is made of sheet metal, and rotates on rubber tires; it’s quite an antique. Back in 1947, the idea of the globe was inspired by a contest to find the best design for the Seattle Paper. Today, the Landmark Preservation Board will vote to see if the Globe will gain Landmark status. The Seattle Pi has reported three former employees are on the city council, and will announce the status later this afternoon. The trio hopes to keep the Globe on top of the old Pi building indefinitely, but if it’s ever issued to move, the city will put together a community outreach to find massive ball a new home.