Martin Selig Real Estate Restructures $500M in Debt for Seattle Office Buildings
Why this matters
Office continues to trade in two distinct markets: trophy assets in walkable submarkets that are leasing at or near record rents, and commodity Class B and C buildings where the basis is still resetting. Underwriting on the latter has moved toward replacement-cost-minus, with credit underwriting now leaning on tenant covenant and remaining lease term rather than mark-to-market expectations. Seattle absorption has been weighed down by tech tenant footprint optimization. Multifamily and industrial have been more resilient, with selective bids on best-located product. For LP-positioned capital, the read-through is that the bifurcation is now a structural feature of the sector, not a cycle to wait out.
Editorial analysis · Real Estate Trail Editorial
On the RET wire
- The sixth Seattle story tracked on the wire in November 2026. All Seattle coverage →
- Disclosed office deal value tracked in November 2026: $3.3B across 10 reported transactions. All Office coverage →
Computed from Real Estate Trail’s own tracked coverage
Martin Selig Real Estate has completed loan modifications totaling nearly $500 million for 12 Seattle office buildings. Newmark leases the portfolio, with a team led by Executive Managing Directors Cavan O’Keefe and J…
External link. Real Estate Trail does not republish source content.
Related coverage — Seattle · Office
Seattle Landlord Unico Properties Lists Its Last Downtown Salt Lake City Tower
Seattle Breaks the Prime Office Vacancy Pattern
40-Unit Apartment Building in Seattle’s University District Trades for $6M
Ponderay Apartments, a 40-unit multifamily property located at 5625 15th Ave NE in Seattle’s University District, sold for $6.26 million, equating to $156,625 per unit. Built in 1963, the property totals 21,540 square…
Seattle Social Housing Developer to Buy West Seattle Apartments for $68M
The Seattle Social Housing Developer (SSHD) announced its second acquisition, a six-story building with nearly 200 homes in the heart of West Seattle. The Developer’s Board approved the acquisition, and SSHD plans to…
Madison Realty Capital, Red Cove Lend $132M for Seattle-Area Apartments Build
A joint venture between the Behar Company and HB Management has sealed $131.9 million of construction financing to build a multifamily development in a suburb north of Seattle, Commercial Observer has learned. Madison…
200-Unit Affordable Housing Project Planned in North Seattle
Affordable housing developer Bellwether Housing and nonprofit Chief Seattle Club will partner on a 200-unit multifamily project in Seattle’s Licton Springs neighborhood. Delivery for the project, called Thunderbird Ne…