Newmark shops Seattle skyscraper development site in Belltown

Newmark shops Seattle skyscraper development site in Belltown

Newmark's email sent on Tuesday states that the tall, thin high-rise proposed for Jiffy Lube in Seattle's Belltown is for sale.

The email sent to developers states: "We want to let you know about an exceptional off-market opportunity in the heart Seattle."

Newmark, and the developer, an Hoboken-based limited partnership with a New Jersey address of 2033 Fourth Ave., have yet to respond to requests for comment.

According to the NCREIF Fund Index, while capital markets are still sluggish in general, institutional investments have increased for two sectors: apartment and industrial.

The tower is located near Amazon's campus. Two large development companies are building multifamily towers nearby, Security Properties, and Skanska. The former is working on a 29-story Bell Street project, and the latter on a 31 story Fourth Avenue tower.

Multifamily developments have been driven by proximity to Amazon. Amazon's employment figures have been unchanged for a little over a year because of a hiring freeze by the company and massive layoffs.

Amazon has confirmed plans to move 2,000 employees out of Seattle to new Bellevue Towers.

The Seattle Department of Construction & Inspections approved conditionally the 400-unit Jiffy Lube project last month. Third Place Design Co-operative, a Seattle-based architecture firm, designed a narrow tower using only 6,500 sq. ft. The design documents described the rooftop pool deck as "spectacular" and a spa/meditation area on the upper floors.

The tower will have 24 parking spaces, which can be accessed via a car lift.

The tower will have 232 studios and small efficiency dwelling units, 152 one bedrooms, six two bedrooms and 10 three bedroom apartments.

The city may have conditionally approved the design but the project must still obtain the master-use permit and construction permits.