July 31, 2020
New York-based Silverstein Properties acquired 801 Blanchard Street in Downtown Seattle from Sugar Mountain Capital. The private real estate firm plans to develop a 500,000-square-foot residential tower with 400 units on the existing parking lot.
The 14,700-square-foot site in the Denny Triangle submarket encompasses two adjacent parcels known as 2121 and 2115 Westlake Avenue, which include an L-shaped parking lot and a four-story, 26,000-square-foot building that houses one of Sugar Mountain’s restaurants, The Butcher’s Table. The seller will lease back and continue operating the building and parking lot.
This month, Silverstein Properties also executed a purchase and sale agreement for the U.S. Bank Tower in Los Angeles.
Silverstein Properties’ Larry A. Silverstein says, “With these transactions, we are truly becoming a national company. The Seattle site offers a host of attractive features including proximity to mass transit, parks, vibrant retail and world-class companies with growing footprints.”
NKF’s Tim O’Keefe, Ken White and Kevin Shannon represented the seller.
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*Photo Credit Suzi Pratt