Martin Selig Real Estate

Principal: Martin Selig

Specialty: Developing and leasing property

Year founded: Late 1960s

Headquarters: Seattle

Selig

With three buildings scheduled to begin construction, Martin Selig said he’s willing to be patient for the market to pick up. Planned projects include the 80,000-square-foot 220 Elliott Avenue; 55,000-square-foot Third and Battery; and the 300,000-square-foot Fifth and Yesler building, near proposed county offices on Goat Hill.

“We will build once they’re leased, and not any sooner,” he said. “It happens when it happens. Not overnight.”

Meantime, Selig said he’s enjoying low vacancy rates for his properties. “We’ve continued to keep buildings well occupied — up to 96 percent,” he said. “That’s way above the basic market. Success (in 2004) is to keep it at that level and improve by two points.”

Selig credited hard work and juggling space.

One of his tenants, Quantum, had been in the Bank of America Tower, and recently moved to his Fifth and Jackson building. Quantum used to be called Avenue A, an Internet advertising company. The Fifth and Jackson building is 80 percent leased.

Saying he sees promise in biotech businesses, Selig recently signed Trubion Pharmaceuticals, previously known as GeneCraft, to his Fourth and Battery building.

Selig said he is not concentrating on any area of the city for expanding his business. The Denny Triangle, Lower Queen Anne, downtown and International District all are promising, he said. He sees potential for the area around his proposed Fifth and Yesler building, with its easy access to Interstate 5 and the International District.