September 24, 2024
SEATTLE — The 1800 Ninth Ave. office tower, then fully leased to Amazon, last traded at the very end of 2019 for just over $206 million. The buyer was then an LLC associated with JP Morgan. A few months later, Wells Fargo loaned over $124 million for the building. Then came the pandemic, and Amazon declined to renew its lease.
JLL represents the building, which now appears to be empty. The old ownership signed over the deed this month to an LLC associated with local shop Lake Washington Partners. Puget Sound Business journal first spotted the zero-dollar transaction. There hadn’t been any foreclosure proceedings. Instead, new entity J&J 1800 Ninth LLC assumed the old loan.
The 16-story Denny Triangle tower totals about 305,837 square feet. It was developed in 1990. With floorplates averaging around 22,000 square feet, it isn’t a candidate for residential conversion.