A Different Kind of Distressed Real Estate
Bad news for residents and businesses in the McGuire Building in Belltown. An article in this morning's 
Seattle Times details the plan to demolish this nine-year-old building and explores how the owners are (or are not) helping their lessees make the transition out of the building. Looks like they're softening the blow for the residential tenants, but if the retail tenant's quote is accurate, there's a demolition clause in his lease that allows the landlord to push him out in 60 days. That's a provision I'd like to see. The tenant has not yet met with the owners and is hopeful he'll be offered something. Apparently suits and countersuits abound as well. I am interested in how this plays out and will continue to monitor the story.
