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Old October 1st, 2019, 03:26 PM   #361
geoffloftus
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3rd & Lenora from West Seattle, 9/30/19

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Old October 5th, 2019, 02:46 PM   #362
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WeWork is in trouble

Could this be a problem for this project? I don't know what happens if the major tenant for some close-to-finished project goes down the tubes.
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Old October 7th, 2019, 11:12 PM   #363
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I remember reading somewhere that a bankruptcy screws the landlord... Like, of course if the company can't pay rent, the landlord is in trouble, but I recall that the debtor is generally free to either assume the lease... or just vacate the space and walk away from any prior obligations.

15 seconds of Googling seems to confirm my memory. Don't take this to the judge, though.
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Old October 11th, 2019, 06:19 PM   #364
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I was wondering if anyone could provide some clarity on the height of this building? I just saw a Daily Journal of Commerce article from only two months ago --

https://www.djc.com/news/co/12124618.html

-- in which it was written this building "is now 38 stories, up from 36, with the top two floors consisting of steel-framed penthouses containing tenant amenities."

None of the reference websites listing skyscrapers (emporis.com, skyscraperpage, wikipedia, etc) have updated the floor count of this building to 38. I even tried counting the floors in the latest photo in this thread and I got to 36.

So. 1) Can anyone confirm definitively whether this building really has gone to 38 stories? and thus, more importantly, 2) If that is the case, does that increase the height from the currently listed (and annoyingly over-prevalant in Seattle) 440 ft, or does it merely decrease the average per-floor ceiling height?

thanks!
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Old October 12th, 2019, 08:20 PM   #365
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The building is 439.5' above street level, the 38th floor is the roof slab. Level 35 and 36 are amenity levels, some roof and mechanical penthouse Level 37 is the elevator machine room.
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Old October 15th, 2019, 12:12 AM   #366
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Well....some saw this coming.

Per Marc Stiles at PSBJ:

The We Co.'s financial struggles have blown up the company's first deal in the Puget Sound region: Martin Selig Real Estate's Seattle high-rise, which is homing in on completion.

The companies on Monday provided a statement: “As part of WeWork’s commitment to refocus on its core business, WeWork and Martin Selig Real Estate have mutually agreed to not move forward with the planned WeWork-WeLive Belltown Seattle project at Third and Lenora."
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Old October 15th, 2019, 12:58 AM   #367
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Quote:
Originally Posted by cameronrex View Post
Well....some saw this coming.

Per Marc Stiles at PSBJ:

The We Co.'s financial struggles have blown up the company's first deal in the Puget Sound region: Martin Selig Real Estate's Seattle high-rise, which is homing in on completion.

The companies on Monday provided a statement: “As part of WeWork’s commitment to refocus on its core business, WeWork and Martin Selig Real Estate have mutually agreed to not move forward with the planned WeWork-WeLive Belltown Seattle project at Third and Lenora."
Does that mean WeWork is just not taking the lease? Or are they stopping construction as well?...
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Old October 15th, 2019, 01:01 AM   #368
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Quote:
Originally Posted by BoulderGrad View Post
Does that mean WeWork is just not taking the lease? Or are they stopping construction as well?...
From the article at https://www.bizjournals.com/seattle/...lig-tower.html it sounds like Selig will finish the tower:

Quote:
On the face of it WeWork-WeLive's decision looks bad for Selig, the longtime billionaire developer. But the timing actually is opportune. He now has an empty tower almost ready to open in a red-hot market with the chance to lease it out to a multifamily operator and office tenants with stronger bottom lines than the struggling We Co. This will make it easier to refinance construction of the tower.
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Old October 15th, 2019, 05:07 AM   #369
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We choked.
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Old October 16th, 2019, 01:51 AM   #370
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We Were
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Old October 16th, 2019, 02:38 AM   #371
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We Wont
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Old October 17th, 2019, 06:04 PM   #372
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From todays DJC.

https://www.djc.com/news/re/12126345.html

October 17, 2019

Martin Selig scraps deal with WeWork, leaving his Belltown tower up for grabs

By BRIAN MILLER
Real Estate Editor

Martin Selig's Third & Lenora tower, at 2031 Third Ave. in Belltown, topped out last month. This week, on Monday, his company lost its major tenant, WeWork/WeLive, which was going to take all the office space and apartments above.

In Ballard, WeWork has leased the top two office floors at 15th & Market. That new building, at 1448 N.W. Market St., also has a Target store expected to open next month.

We Co. has other leases with several Seattle landlords. Those include buildings in or near Pioneer Square, the north waterfront, downtown, Bellevue, Sodo, Eastlake and the University District.

Nationally and internationally, the money-losing flex office space provider is facing a grim financial reckoning and radical restructuring. Founder Adam Neumann has been forced out, staff are being laid off, the WeGrow educational venture will be shuttered and its initial public offering was canceled.




The 38-story office and residential tower topped out in September and is slated to open next year.
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Old October 18th, 2019, 08:14 PM   #373
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"Everybody has a plan until they get punched in the mouth" - Mike Tyson
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Old October 24th, 2019, 07:02 AM   #374
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10/23/2019 Update:

  • Cladding reaches as high as level 34.
  • Levels 35 to 37 and the rooftop are still incomplete.





Office Levels / Lower Segment:




Residential Levels / Middle Segment:




Rooftop / Upper Segment:

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Old October 24th, 2019, 03:49 PM   #375
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Which is the WeUsedToWork segment?
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Old October 26th, 2019, 08:05 PM   #376
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I believe they had the whole building. Level 2-11 were to be office (WeWork) space and level 12 - 34 were to be apartments (WeLive) and 35 and 36 were to be amenity.
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Old November 18th, 2019, 02:18 AM   #377
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10/31


2031 3rd Ave 2019-10-31 by LB Bryce, on Flickr
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Old November 18th, 2019, 02:59 PM   #378
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^ Nice shot!
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