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Two office properties owned by Martin Selig Real Estate are scheduled to go up for a trustee sale on April 18.
According to the Puget Sound Business Journal, the company defaulted on a $240 million loan last year. This loan was used to fund two adaptive reuse projects: the Federal Reserve Building in downtown Seattle and the 400 Westlake tower next to Amazon’s South Lake Union headquarters.
In response, MSRE released a statement in December stating that they may transfer ownership of these properties as part of their strategy to restructure debt and divest select assets. The lender involved is Acore Capital Mortgage LP.
The Federal Reserve Building was built in 1950 and offers 215,000 square feet of Class A office space in a prime location. Meanwhile, 400 Westlake is an environmentally-friendly redevelopment project located at the iconic Firestone Tire Building site in South Lake Union.
This news was originally reported by Connect CRE.
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