Landmark building provides extraordinary redevelopment opportunity in red hot South Lake Union.
SEATTLE – Seattle City Light selected Cushman & Wakefield to market a landmark building and property at 8th Avenue and Roy Street for sale, the utility announced today.
The landmark building’s design and the property’s location no longer meet City Light’s needs so the utility is putting the property on the market.
City Light acquired the building in 1951 as part of its purchase of Puget Sound Power and Light Co.’s competing service territory. City Light used the building and land for electrical crew staging, dispatch and shops and yards until those functions were consolidated at the North Service Center. The property was identified by the Landmarks Preservation Board as a City historic landmark in 2013.
Cushman & Wakefield was selected in a competitive process that drew multiple responses to City Light’s request for proposals. City Light signed a one-year contract for real estate brokerage services with Cushman & Wakefield.
“We couldn’t be more ready to manage the sale of this historic property to help the City of Seattle monetize the investment and to present this exciting development opportunity to the right investors,” Matt Christian, executive director-Seattle for Cushman & Wakefield, said.
With the current construction boom in Seattle and companies like Amazon expanding their footprints, property in South Lake Union is in high demand. Current market estimates show a 5.9 percent vacancy in office space and strong absorption each quarter.
Potential buyers who are interested in learning more about the property can contact Cushman & Wakefield: Senior Broker Gary Danklefsen, gary.danklefsen@cushwake.com or (206) 521-0233
About Cushman & Wakefield:
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 45,000 employees in more than 70 countries help occupiers and investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. 2017 marks the 100-year anniversary of the Cushman & Wakefield brand. 100 years of taking our clients’ ideas and putting them into action. To learn more, visit www.cushwakecentennial.com, www.cushmanwakefield.com or follow @CushWake on Twitter.
