April 23, 2025

Skye, with 371 Belltown units, sells for over $102M

Photos via Institutional Property Advisors [enlarge]

When it opened 76 years ago, Grosvenor House was the tallest structure in Belltown.

Skye at Belltown, at 500 Wall St., sold last week for $102.7 million, according to King County records.

The sellers, via an LLC, were Mill Creek Residential Trust and AEW Capital Management, which acquired the property in 2013 for almost $94 million.

The buyer, also via an LLC, was Waterton, which also announced the deal.

The brokers, on both sides of the deal, were Philip Assouad, Giovanni Napoli, Ryan Harmon, Nick Ruggiero and Anthony Palladino at Institutional Property Advisors. The deal was worth about $441 per square foot.

Developed in 1949 as Grosvenor House, the 18-story building was then the tallest building in Belltown. It occupies a full city block, and has 371 apartments. A structured parking garage has about 210 stalls. Ringing the block are 10 or 11 retail bays, brokered by WCCR, which says they total 18,228 square feet. (IPA says 13,300.) Tenants include an escape room, deli, pizza shop and hair salon. Three bays are currently vacant.

Waterton is based in Chicago. Its Kevin Ibasco said in a statement, “We're excited to add Skye at Belltown to our growing Seattle portfolio. With its prime location within walking distance to prominent downtown employers such as Amazon, Google and Apple, and the built-in lifestyle amenities of the neighborhood, Skye offers an attractive option for prospective renters.”

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Once known as Wall Street Tower, and later Archstone Belltown, the building was for many years senior housing. Earle W. Morrison was the architect, for a building consortium that included the Teamsters.

IPA's Assouad added, “With breathtaking views of the Space Needle and an exclusive, resident-only third-story park spanning half a block, Skye offers a living experience that is second to none.”

Units run from studios to two-beds, averaging 646 square feet. Amenities include a roof deck (on the garage), gym, pool room and lounge. Waterton says that value-add investments are planned. Those will include air-conditioning ports in the windows, new lighting and other cosmetic measures.

Once known as Wall Street Tower, and later Archstone Belltown, the building was for many years senior housing. Earle W. Morrison was the architect, for a building consortium that included the Teamsters.

Waterton made its last multifamily investment here with the 186-unit Lake Washington 2000 in Renton. That $53 million acquisition came last year. Waterton also owns the 265-unit Lakes complex in Bellevue. The private investor says it now owns about 945 units in our market.