Silverstein Properties has closed on its acquisition of 801 Blanchard Street in Downtown Seattle’s Denny Triangle submarket, adjacent to Amazon’s global headquarters (pictured top).
The firm acquired the site from Sugar Mountain Capital, a creative food company.
The 14,700 s/f site encompasses two adjacent parcels known as 2121 and 2115 Westlake Avenue, which include an L-shaped parking lot and a four-story, 26,000 s/f building with one of Sugar Mountain’s restaurants, The Butcher’s Table, occupying the ground floor retail below three floors of office space.
The deal terms include a lease back to the seller to continue operating the building and parking lot.
The site is zoned to develop approximately a 500,000 s/f residential tower up to 484-feet high with 400 units. Silverstein Properties plans to develop the new project on the existing parking lot.
This month, Silverstein Properties also executed a purchase and sale agreement for the U.S. Bank Tower in Los Angeles.
“With these transactions, we are truly becoming a national company,” said Larry A. Silverstein, chairman of Silverstein Properties.
“In recent years, we developed a Four Seasons Resort in Orlando at the Walt Disney World Resort and acquired a trophy office building in Philadelphia. Soon, we expect to commence construction on a multi-family project in Las Vegas. The Seattle site offers a host of attractive features including proximity to mass transit, parks, vibrant retail and world-class companies with growing footprints.”
Located in the heart of Downtown Seattle’s recent development boom, the site is surrounded on all sides by new luxury residential buildings that have set a new market standard for urban living, desirable amenities including Whole Foods and Denny Park, and over three million square feet of newly constructed office space owned by Amazon and utilized as their global headquarters as well as another two buildings under construction.
“This quietly marketed deal was extremely desirable to us as we continue to expand across the west coast and add to our growing development pipeline,” said Jeff Grasso, Head of Acquisitions for Silverstein Properties.
“Downtown Seattle is extremely appealing to us with its incredible growth and livability. We view the Seattle region as an opportunity to build upon our experience in intelligent and creative ways.”
Tim O’Keefe, Ken White & Kevin Shannon of Newmark Knight Frank represented the seller.
Upon acquisition, Silverstein Properties will lead the pre-development process including design, engineering, community outreach, and approvals.