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September 23, 2021

Newmark brokers $80M SLU land sale

As the DJC first reported last month, Apple Hospitality paid $80 million for the land beneath the Residence Inn by Marriott, near South Lake Union. It had since 2006 also owned the hotel building. Now Newmark has announced its representation for the seller, Qwest (part of Lumen), which had been ground-leasing the land since 1988. Newmark's national team consisted of Kevin Shannon, Ken White, Victor Frandsen, Alan Polacsek and Manuel Breidenbach, who joined forces in the deal with Newmark local Tim O'Keefe. Shannon said in a statement, “South Lake Union remains the tightest submarket in Seattle by far for both life science and office product, despite the pandemic. While alternative uses were explored for these improvements at the height of the pandemic, the clear recovery occurring in hospitality motivated the buyer to purchase this land.” Apple is based in Virginia.

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