Commercial Property News reports, Kennedy Wilson Buys Seattle Properties for $300M (thanks UrbanAsh).
The adjacent 126-unit condo building is known as Fifth and Madison. Currently under construction, the project has pre-sold 84 of its residences (or two-thirds) at prices averaging $660,000 for 1,045-square-foot units. The project is slated for completion this fall.
Is it strange for a condo project to change hands part way through? Also interesting to note that 5th and Madison raised prices on a several units this week. One as much as $40,0000.
Popularity: 12% [?]
9 responses so far ↓
1 jdp // Jul 20, 2007 at 7:30 pm
This is the second time for 5th & Madison, it was part of the big Blackstone/Beacon Capital deal earlier in the year. I think the parcel is the whole block so to get the big office building you have to buy the under construction condo.
2 Matthew // Jul 20, 2007 at 7:31 pm
I still don’t understand why people would want to pay these kind of $/sqft prices in that location.
3 jdp // Jul 21, 2007 at 1:51 pm
I prefer that location to Belltown, the neighborhood is fully developed, no run down clubs. It is quick walk down to the reail core, probably for your more mature crowd. Their $/ft is pretty reasonable compared to others in Belltown etc.
4 Dan // Jul 21, 2007 at 3:50 pm
The project was not part of the Blackstone deal. The renovation of the office building was a joint venture between Urban Visions (Formerly Gregory Broderick Smith Real Estate) and Beacon Capital, both of whom teamed up to build Millennium Tower (719 Second Ave).
It was the office building that drove that sale. They wanted to get out from under the condo building on the upside of the market, but that is not where the money is going to be made. The bought an office building greater than 50% vacant with fresh renovations, where they can jack the rent for cash flow.
5 mhays // Jul 23, 2007 at 10:41 am
I think it’s a fine location. Nice new grocery store three blocks up Madison. Within a block you have a huge drugstore with groceries, the Y (you’d go slightly farther to the WAC of course), the library, and a park (courthouse when it’s done). The nearby hotels all have restaurants and some are open late. Most importantly, you’re a short walk from work — I assume the lion’s share of residents will be nearby workers, whether it’s a first home or a second. Furthermore, it’s a relatively quiet area.
I actually considered it before choosing to stay at the far end of Belltown. If the 00 units had been a little cheaper, who knows.
6 Jamie // Jul 26, 2007 at 4:23 pm
The price and sqare footage information in incorrect. 5th and Madison has no homes that are 1,045 square feet. Please check your facts.
7 Joe // Jul 29, 2007 at 3:46 pm
I agree with mhays on the neighborhood. It has a lot going for it. If you want a loud party neighborhood the heart of Belltown is probably better, but there are plenty of people who want a quieter neighborhood that is still in the near everything offered by downtown living. The reality is that Seattle is very small and anywhere downtown is close to everything else. If we were not already nicely situated downtown I would consider this building and I think the per sq ft pricing is well in line.
8 Blake // Aug 14, 2007 at 10:25 pm
The location is ideal - quiet, sophisticated and in the heart of the financial district with Tulio, the Met, Benaroya Hall, the SAM, upscale shopping galore, the Purple Cafe, McCormick’s, Sazerac, O’Asian and a short walk to the Pike Place Farmer’s Market, the sporting venues, the retail core and so much more. The floorplans are well laid out and the finishing touches are lovely.
9 Merry // Mar 29, 2008 at 5:37 pm
I just bought and couldn’t be happier. Ten and a half foot ceilings with recessed Lutron shades, premium finishes and lighting design, and the largest green plaza of any condo building, complete with stream/fountain. Across the street is another park, and world class architecture - the stunning, sparkling Rem Koolhaas library.
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