{"id":19501,"date":"2012-03-26T06:00:15","date_gmt":"2012-03-26T13:00:15","guid":{"rendered":"http:\/\/seattlebubble.com\/blog\/?p=19501"},"modified":"2012-03-26T00:14:03","modified_gmt":"2012-03-26T07:14:03","slug":"smith-tower-foreclosed","status":"publish","type":"post","link":"https:\/\/seattlebubble.com\/blog\/2012\/03\/26\/smith-tower-foreclosed\/","title":{"rendered":"Smith Tower Foreclosed"},"content":{"rendered":"<p>In case you missed it Friday, the Smith Tower was sold (back to the bank) at foreclosure auction.  Here&#8217;s KING 5&#8217;s report: <a href=\"http:\/\/www.king5.com\/news\/cities\/seattle\/Historic-Smith-Tower-goes-up-for-auction-143961076.html\" title=\"Historic Smith Tower sold for $36.9 million\">Historic Smith Tower sold for $36.9 million<\/a><\/p>\n<div style=\"width:600px; margin:0 auto;\"><iframe loading=\"lazy\" width=\"600\" height=\"450\" src=\"http:\/\/www.youtube.com\/embed\/7D3vzeYvRCA\" frameborder=\"0\" allowfullscreen><\/iframe><\/div>\n<p>That&#8217;s what happens when you make a big public announcement about <a href=\"http:\/\/seattlebubble.com\/blog\/2007\/02\/22\/latest-condo-conversion-smith-tower\/\" title=\"Latest Condo Conversion: Smith Tower?\">intentions to convert to condos<\/a>, scaring away all your good tenants, then fail to follow through because you stupidly kicked off your plan just as the housing bubble was beginning to deflate.<\/p>\n<p>From <a href=\"http:\/\/seattletimes.nwsource.com\/html\/businesstechnology\/2017823159_smithtower24.html\" title=\"Smith Tower gets new owners\">Eric Pryne&#8217;s write-up over at the Seattle Times<\/a>:<\/p>\n<blockquote><p>The buildings&#8217; previous owner, Walton Street Capital, of Chicago, bought them in 2006 for $44 million, and at first pursued a plan to convert Smith Tower to condos.<\/p>\n<p>The housing crisis killed that proposal; meanwhile, office tenants fled the historic tower, which opened in 1914.<\/p>\n<p>It&#8217;s now more than 80 percent vacant, according to court records, and monthly rents don&#8217;t cover the building&#8217;s operating expenses.<\/p>\n<p>Walton Street defaulted on the mortgage last year, and CBRE began pursuing foreclosure shortly after it acquired the debt in September.<br \/>\n&#8230;<br \/>\nAt CBRE&#8217;s request, a King County superior-court judge in December appointed a receiver, Goodman Real Estate, of Seattle, to take over management of the tower.<br \/>\n&#8230;<br \/>\nAccording to Goodman&#8217;s latest report to the court, another CBRE affiliate has begun marketing the building to prospective tenants. There&#8217;s interest in two complete lower floors and suites on three other floors, the report says.<br \/>\n&#8230;<br \/>\nGoodman representatives have told him they expect to have the tower at least 50 percent occupied by the end of the year.<\/p><\/blockquote>\n<p>So it sounds like the dream of the Smith Tower Condos is dead.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In case you missed it Friday, the Smith Tower was sold (back to the bank) at foreclosure auction. Here&#8217;s KING 5&#8217;s report: Historic Smith Tower sold for $36.9 million That&#8217;s what happens when you make a big public announcement about intentions to convert to condos, scaring away all your good tenants, then fail to follow&#8230;<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[612,264,198],"tags":[449,4,7,157,311,31,87,140],"coauthors":[],"class_list":["post-19501","post","type-post","status-publish","format-standard","hentry","category-local","category-media","category-news","tag-auction","tag-condos","tag-foreclosures","tag-king5","tag-pryne","tag-seattle_times","tag-smith_tower","tag-video"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Smith Tower Foreclosed \u2022 Seattle Bubble<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/seattlebubble.com\/blog\/2012\/03\/26\/smith-tower-foreclosed\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Smith Tower Foreclosed \u2022 Seattle Bubble\" \/>\n<meta name=\"twitter:description\" content=\"In case you missed it Friday, the Smith Tower was sold (back to the bank) at foreclosure auction. Here&#8217;s KING 5&#8217;s report: Historic Smith Tower sold for $36.9 million That&#8217;s what happens when you make a big public announcement about intentions to convert to condos, scaring away all your good tenants, then fail to follow...\" \/>\n<meta name=\"twitter:creator\" content=\"@The_Tim\" \/>\n<meta name=\"twitter:site\" content=\"@SeattleBubble\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"The Tim\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/seattlebubble.com\/blog\/2012\/03\/26\/smith-tower-foreclosed\/\",\"url\":\"https:\/\/seattlebubble.com\/blog\/2012\/03\/26\/smith-tower-foreclosed\/\",\"name\":\"Smith Tower Foreclosed \u2022 Seattle Bubble\",\"isPartOf\":{\"@id\":\"https:\/\/seattlebubble.com\/blog\/#website\"},\"datePublished\":\"2012-03-26T13:00:15+00:00\",\"author\":{\"@id\":\"https:\/\/seattlebubble.com\/blog\/#\/schema\/person\/7de7c0dd14bee1a2c67f7ce86bc4505f\"},\"breadcrumb\":{\"@id\":\"https:\/\/seattlebubble.com\/blog\/2012\/03\/26\/smith-tower-foreclosed\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/seattlebubble.com\/blog\/2012\/03\/26\/smith-tower-foreclosed\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/seattlebubble.com\/blog\/2012\/03\/26\/smith-tower-foreclosed\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/seattlebubble.com\/blog\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Smith Tower Foreclosed\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/seattlebubble.com\/blog\/#website\",\"url\":\"https:\/\/seattlebubble.com\/blog\/\",\"name\":\"Seattle Bubble\",\"description\":\"local\u00a0real\u00a0estate\u00a0news, statistics,\u00a0and\u00a0commentary without\u00a0the\u00a0sales\u00a0spin.\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/seattlebubble.com\/blog\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/seattlebubble.com\/blog\/#\/schema\/person\/7de7c0dd14bee1a2c67f7ce86bc4505f\",\"name\":\"The Tim\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/seattlebubble.com\/blog\/#\/schema\/person\/image\/37756956c11dcc50d2559761ffa5ee70\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/19e5770990a1681615608091b2de571b10c3e03bbac7d07bb2ae15297ee72fbc?s=96&d=retro&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/19e5770990a1681615608091b2de571b10c3e03bbac7d07bb2ae15297ee72fbc?s=96&d=retro&r=g\",\"caption\":\"The Tim\"},\"description\":\"Tim Ellis is the founder of Seattle Bubble. 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