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January 22, 2020

Macy’s sells rest of Seattle store for $69M

Real Estate Editor

Image by CallisonRTKL [enlarge]

SEATTLE — As expected, Macy’s has sold the remaining, soon-to-be vacant bottom floors of its iconic full-block building at 300 Pine St.

King County recorded the $68.7 million sale on Tuesday.

The buyer was an LP related to Starwood Capital Group, which previously acquired the upper floors and converted them to offices now leased to Amazon. Public records indicate a prior $380 million loan from Deutsche Bank.

The deal was worth about $263 per square foot, though the sale came close to publication deadline, and not all details could be verified.

The Seattle Times first reported in October that Macy’s would close after the holiday shopping season and vacate the remaining retail space come February. Prior to that report, Starwood and CallisonRTKL had filed plans for nonstructural demolition and re-tenanting of the bottom two floors and basement. Bayley Construction and KPFF are listed on those plans, too.

Amazon calls the building BlueShift. It currently occupies about 450,000 square feet on the top six floors.

Preliminary construction documents indicate that another 161,800 square feet of offices will be added to the basement, subbasement and first two floors. Some ground-floor space is now given over to Victrola Coffee (at Pine) and the vacant former beauty academy space at Virginia Street; it’s unclear if the latter will remain as retail or commercial space.

Starwood previously paid about $115 million for the upper floors. The terms of Amazon’s 2017 lease haven’t been disclosed.

Macy’s, then called Federated Stores, acquired the Bon Marche chain in 1992. The downtown Seattle building was developed in 1929, with an addition in the 1950s.


Brian Miller can be reached by email at brian.miller@djc.com or by phone at (206) 219-6517.

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