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May 17, 2017

China-based buyer snaps up high-rise development site in Seattle for $25M

Puget Sound Business Journal

Marc Stiles

The new owner of a downtown Seattle property plans to build apartments or condominiums on the site where zoning allows towers up to 440 feet tall, according to the commercial real estate executives who brokered the $25 million sale.

GZI Boren Limited Liability Co. bought the property at 1916 Boren Ave. in the booming Denny Triangle neighborhood, where is building a high-rise office campus. There are currently 33 approved or pending commercial and residential projects in the triangle, where land prices are climbing fast.

The price that GZI paid works out to $1,096 a foot.

"That is a very high price per square foot downtown dirt," said Tim Foster, senior vice president of Kidder Mathews.

Foster marketed the nearly half-acre property for sale with Kidder colleagues Jim and Ross Klinger. Foster said the more than $1,000 a foot price price is the new normal downtown.

Three years ago, when it was unclear exactly how fast Amazon would be growing in the neighborhood, two nearby tower-development sites in the neighborhood sold for just $672 and $747 a foot. The new owner of one site at Ninth Avenue and Lenora Street is building a luxury apartment tower, and the company that now owns the other property at 1901 Minor Ave. has proposed a twin-tower project with 940 apartments.

GZI Boren LLC's governors are Yuan Lin and Ming Lin, according to public records. The company is based in China, Foster said.

A limited liability company called Concerto Investments of Bellevue sold the property to GZI. Shirley A. and Virgil Fassio are the LLC's governors.

A three-story office building that was built in 1929 currently occupies the property.

The Denny Triangle is one of the most active development markets in the country. The accompanying map shows only projects around 1916 Boren Ave. The 33 projects in the triangle total 3.5 million square feet of office space and around 10,000 condos and apartments, according to Kidder Mathews. Amazon is building most of the office space.

For the full story, go to Puget Sound Business Journal.

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