Martin Selig Real Estate

Specialty: Developing and leasing property
Principal: Martin Selig
Year founded: Late 1960s
Headquarters: Seattle

Rendering courtesy of Martin Selig Real Estate Martin Selig is planning to start construction next year on a 17-story building at Fifth and Yesler on Goat Hill.

Martin Selig hopes to begin construction of two Seattle office buildings in 2005. The first is a 17-story, 285,000-square-foot project at Fifth and Yesler on Goat Hill in downtown. It’s kitty-corner from an office building that King County plans.

“We’re sitting right in the middle of it all,” said Selig, who noted his project is between the governmental core and the five-office Union Station development. He anticipates he’ll be able to draw a mix of tenants from the public and private sectors. The second is a five-story, 133,000-square-foot building on the waterfront at 333 Elliott Ave. W. He is in the midst of buying the land and expects the deal to close in January.

Both buildings will need to be half preleased before construction starts, Selig said.

Selig

Four percent of Selig’s 3.3 million-square-foot portfolio is vacant, according to Selig. That was the same rate as a year ago. “We had the same problems with the dot-com era as everybody else did, and we have filled that dot-com space up now.”

Selig is not concerned by what economists say will be a continuing rise in interest rates. He said the increasing cost of money will be offset by rising rents. “One hand kisses the other.” He’s buoyed by what he sees as an increasing demand for office space. “We’ve been very busy for people looking for office space.”