The cash-starved Seattle Times has put two of its prized South Lake Union properties on the market: the 283,000 sq ft 1000 Denny Building, at Boren Avenue North and Denny Way, and the block just north of Times headquarters containing the historic landmark Troy Laundry building.
With Amazon.com moving their headquarters to South Lake Union and an imminent up-zoning, land and property values are soaring. The four acres Seattle Times is putting up for sale has been appraised at $32M.
It sounds like 1000 Denny Building would be a sale-leaseback deal with redevelopment unlikely.
As a historical landmark, the Troy Landry building's brick and terra-cotta facade must be preserved, but that wouldn't necessarily prevent the buyer from building upward with residential or office (see the McKay block).
The bold and classic building (see profile on VintageSeattle.org) certainly isn't serving its highest and best use as the Seattle Times' junkyard/storage pit and could use some love.
Read more on, where else, The Seattle Times.
Photo credit: VintageSeattle.org.
