A Look Back on 2018: Seattle’s Commercial Real Estate Market Continues to Soar to New Heights

A Look Back on 2018: Seattle’s Commercial Real Estate Market Continues to Soar to New Heights

What a year it has been for our city and for our family business! All of us here at Martin Selig Real Estate would like to take a moment to wish you Happy Holidays and Happy New Year. May it be filled with joy and happiness as we all take some time to make memories with our friends and family, both near and far away.

Similar to the people in the city we love to call home, we dream big and then make it happen. As a real estate development company in Seattle, the sky is quite literally the limit when it comes to what’s next for our beautiful skyline and business community, and we feel incredibly lucky to have a hand in helping to shape that.

This year, we continued to forge ahead with the construction of more than 500,000 square feet of commercial office space for two exciting developments in Seattle:

Third & Lenora – Located in Belltown, this new office space is just steps from Pike Place Market and Seattle’s retail core. The 35-story tower is the future home of both WeWork and WeLive, and is the first of its kind in the country to offer tenants all the amenities that living and working in the same luxury building can provide.

Slated to open in late spring 2020, Third & Lenora will be the first space in Seattle to house both flexible workspace and apartment living.

15th and Market – Slated to open in Spring 2019 and located in the historical neighborhood of Ballard, this ultra-modern office space offers an escape from downtown while being within walking distance of the eclectic hub of shops, restaurants and services that define the area.

15th and Market
Right in the cultural hub of Ballard, Martin Selig Real Estate plans to debut its northernmost outpost – a brand-new five-story combined retail and office space, on the corner of 15th Avenue NW and NW Market Street in Seattle.

With more than five million square feet of commercial office space in our real estate portfolio, we now have seven buildings in various stages of construction, with an additional 1.75 million square feet of real estate coming to market between now and the year 2022. We are very excited about the city and its future!

Martin Selig Receives the Distinguished Leadership Award from the University of Washington’s Foster School of Business

All of us are proud of our fearless leader, Martin Selig, for his personal and professional Seattle vision, his kindness and his generosity toward others in the community and in business. And so, when we heard he was being recognized by the University of Washington’s Foster School of Business for his innate ability to get things done, we felt obligated to make mention of his recognition in this post. It’s that fearless energy he’s given us which allows our team at Martin Selig Real Estate to be the best we can possibly be every day for our partner tenants that we service.

On November 1st, 2018, our very own, Martin Selig (UW Class of 1959) was recognized and awarded with the University of Washington’s Foster School of Business Distinguished Leadership Award for “Taking the Seattle Skyline to New Heights.” The 27th celebration honored Mr. Selig as an “American Doer” who has played an essential role in leading Seattle’s emergence as a global economic and innovation capital.

Not many people know it but as a young child, Mr. Selig fled Nazi Germany with his family, and then founded Martin Selig Real Estate while studying business at the UW. He then went onto build a company that, for more than six decades, has played a major role in shaping who we are today as a region.

On stage to help accept the award, Mr. Selig’s children, Jordan and David, stood tall and offered these words of recognition: “Our father has always said the tenant comes first. And it is because of this that so many have remained with us and in our city for decades. I don’t know of another developer who is so hands-on for so many years. Dad’s passion for the actual business has completely reshaped Seattle’s skyline as well as the business of real estate.”

 

Principal lecturer Christina Fong with David and Jordan Selig
Principal lecturer Christina Fong with David and Jordan Selig.

Martin Selig Real Estate in 2019: The Year of Progress for All in Seattle’s Commercial Real Estate Industry

At Martin Selig Real Estate, we are always moving ahead. After all, it’s in our DNA as a company.

Here’s our plan for 2019 – our tenants remain our priority, which is evident by the fact that we continue to be the only real estate development team on the west coast that hires in-house staff for every part of the real estate project—from property manager to garbage removal and security personnel to the broker or leasing agent. As we expand our portfolio, we’ll stay true to the in-house team concept and philosophy.

In the new year, we’ll continue to offer innovative work on our multiple new commercial real estate developments. One of these developments is slated for completion in 2019, our 15th & Market building, the new gateway to Ballard and our northern most outpost under construction to date. It’ll include Target’s small-format store, a new WeWork office, Polyclinic and Equal Exchange coffee.

We’re also continuing to push the sustainability of our new commercial office spaces by integrating solar energy into 400 Westlake, which is within Seattle’s burgeoning South Lake Union neighborhood. When complete, 400 Westlake will be the most environmentally friendly building of its size in the country.

We’ll continue to move on construction of our other planned properties, including the Federal Reserve Bank, which will be one of the most wonderful resurrections of a landmark property that we have seen in this city. There are only 400 of these landmark building sites in our city and we’re honored to be able to rebuild it as a commercial office building.

All this, plus the fact that we’re moving ahead with our first residential project – stay tuned for more info on that in the new year!

We at Martin Selig Real Estate value relationships and every person who walks through our door. We’ve seen many companies get their start within our walls and we look forward to helping create even more of these businesses in the coming years!

We are eternally grateful for the opportunity to work with incredible people that do incredible things. Seattle is a fun place to work and play – and it is certainly an incredible location to call home.

We hope you enjoy some quality time spent with friends and family in your home city this holiday season,

Season’s Greetings from our Seattle family to yours.

– Martin Selig Real Estate

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