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Dec. 23, 2013

Holland Partners Closes $80M Property Acquisition in South Lake Union, with Plans for M-U Development

By Alex Girda, Associate Editor

The approved rezoning of South Lake Union, one of the most popular development areas in the much improved city of Seattle, is already paying off. The Puget Sound Business Journal recently reported that Holland Partners, one of the most active development companies in the local market, recently completed the acquisition of a number of properties in the area, and is now eyeing a mixed-use development project. The acquired area was previously targeted as a development site by Equity Office Properties Trust. Holland paid a total of $79.5 million for almost a block between Dexter and Westlake avenues.

The company will now look to come up with a master plan for what was previously set to become the home of an 825,000-square-foot mixed-use project. That project was announced by former owner Equity Office back in 2007, when the project called for office, retail and residential units to be developed at the site, divided across five six-story structures. Westlake Steps, as the canned project was set to be named, was sold to Holland Partners by an affiliate of Equity and parent The Blackstone Group. Blackstone’s involvement came around six years ago, when it acquired a large chunk of the former’s portfolio in a blockbuster $39 billion transaction.

Due to the aforementioned rezoning plan, Holland will be able to build towers as tall as 12 stories. According to PSBJ, the developer does not own the entire block, with other properties not yet spoken for. However, Holland will take into account the feedback of its new neighbors as it tries to come up with a master plan for the area between Westlake and Dexter.

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