Huge Seattle Developer Defaults on More Downtown Office Property Debt

Martin Selig, the commercial property developer who at one point owned nearly a third of downtown Seattle office space, defaulted on debt backed by three buildings located near the iconic Space Needle.

The $135 million debt has been transfered to a special servicer, according to monthly commentary. A spokesperson for the company, called Martin Selig Real Estate, said conversations regarding the debt are ongoing.

Selig’s business has been confronting the fallout from higher interest rates, which has made refinancing debt tougher. Office demand in the city is struggling to rebound as many companies still allow employees to work from home, even though Amazon.com Inc. workers are back five days a week.