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Seattle's office apocalypse continues...
A prime 120K sq ft office building in Seattle is heading to auction and will likely sell at a MASSIVE discount
Here are the details:
-Starting Bid: $2 million ($16 per sq ft)
-Last sold for $33.6 million in 2016 ($280 per sq ft)
-Size: 120k sq ft
-Occupancy: 62% leased
Recent office deals in Seattle have sold close to a 90% 'discount' to their last transaction price
We're truly living in unprecedented times...
Stay tuned for more updates on the office market meltdown
JUST IN: A prime office tower in downtown Seattle just sold at a MASSIVE 84% 'discount' from its 2019 price
The 541k sq ft building sold for $48M - a measly $89 per sq ft
It last sold for $305M in 2019 - wiping out $256M in value
Here's the crazy part:
This isn't a building in some obscure location - it's a 41 story tower in the HEART of DT Seattle and underwent ~$20M in improvements in the last several years
While the building was 100% leased when sold in 2019, 50%+ of the building was vacant in 2026
Seattle is truly facing an office market apocalypse...
Stay tuned and follow for more updates on the office market meltdown
Spent time in Portland recently and I hate to say it but the city is a complete disaster and that's not an exaggeration
As a reminder, the iconic 'Big Pink' building sold for an insane $39 per SF - an 88% discount to its last transaction price
The wild thing is the buyer probably paid too much for it IMO
What do you think the future holds for Portland?
‘Pretty gruesome’: Local business owners speak out after more human remains found in Downtown Portland koin.com/news/portland/prett…
JUST IN: A prime office tower in downtown Seattle just sold at a MASSIVE 84% 'discount' from its 2019 price
The 541k sq ft building sold for $48M - a measly $89 per sq ft
It last sold for $305M in 2019 - wiping out $256M in value
Here's the crazy part:
This isn't a building in some obscure location - it's a 41 story tower in the HEART of DT Seattle and underwent ~$20M in improvements in the last several years
While the building was 100% leased when sold in 2019, 50%+ of the building was vacant in 2026
Seattle is truly facing an office market apocalypse...
Stay tuned and follow for more updates on the office market meltdown
Triple Net Investor retweeted
Be extremely intentional with your friendships — not acquaintances, not business partners, actual friends
Try to pick high-integrity people — the right people
Invest time in those relationships
Cut or downgrade folks who are transactional or who don’t show up for you
Reallocate that time and energy to the right people who do
It's ok to be cutthroat about this, as life is the memories you create with your friends and family.
Invest in making moments.
Elon Musk has been on a generational run recently:
-Rolls out Robotaxi
-Launches X Money
-Takes SpaceX public in the largest IPO in history
-Becomes the world's first trillionaire
-Unveils flying car
-Pledges SpaceX shares to 72M American kids
Guy is really a comic book character
Unpopular opinion: Watching pro sports is extremely overrated
Insane how some people will spend 6-8 hours a day on weekends watching games and playing fantasy, then complain they "don't have time" for anything else
So many better ways to spend time than watching millionaire athletes play silly games
Triple Net Investor retweeted
If the unrest in France is a reflection that aging populations and tightening fiscal constraints make it increasingly difficult for Western governments to meet their promises to and expectations of their citizens, then France is just the beginning.
Triple Net Investor retweeted
A reminder that Denver's First Interstate Towers (~1 MILLION sq ft) sold for $3.2 million - a STUNNING $3.30 per sq ft
The two tower office complex sold for $112M in 2008 - an INSANE 97% collapse in value
Here's the crazier part:
The buildings were reportedly valued at $200M in 2019 w/ one of the towers undergoing MAJOR renovations in 2022, just a few years before the sale
And these aren't just any buildings either - they sit in the heart of DT Denver and one was once the TALLEST building in the city
The destruction of value in the US office market right now is truly unprecedented
Stay tuned and follow @TripleNetInvest for more updates on the office market meltdown
It's still WILD that Denver's iconic 785k sq ft Energy Center office complex sold for $5 million - an INSANE $6 per sq ft
The Denver office market is truly facing an apocalypse...
The two towers last sold for $176M in 2013 - a shocking 97% COLLAPSE in value
The complex consists of two skyscrapers standing 28 and 29 stories tall in the heart of Downtown Denver
The buyer is moving toward a major office-to-residential conversion b/c of low office demand
We are truly living in unprecedented times
Stay tuned and follow for more updates on the office market meltdown
A reminder that Denver's First Interstate Towers (~1 MILLION sq ft) sold for $3.2 million - a STUNNING $3.30 per sq ft
The two tower office complex sold for $112M in 2008 - an INSANE 97% collapse in value
Here's the crazier part:
The buildings were reportedly valued at $200M in 2019 w/ one of the towers undergoing MAJOR renovations in 2022, just a few years before the sale
And these aren't just any buildings either - they sit in the heart of DT Denver and one was once the TALLEST building in the city
The destruction of value in the US office market right now is truly unprecedented
Stay tuned and follow @TripleNetInvest for more updates on the office market meltdown
It's still WILD that Denver's iconic 785k sq ft Energy Center office complex sold for $5 million - an INSANE $6 per sq ft
The Denver office market is truly facing an apocalypse...
The two towers last sold for $176M in 2013 - a shocking 97% COLLAPSE in value
The complex consists of two skyscrapers standing 28 and 29 stories tall in the heart of Downtown Denver
The buyer is moving toward a major office-to-residential conversion b/c of low office demand
We are truly living in unprecedented times
Stay tuned and follow for more updates on the office market meltdown
Funny how you can now buy several skyscrapers for the price of one small gas station in Tacoma WA
It's still WILD that Denver's iconic 785k sq ft Energy Center office complex sold for $5 million - an INSANE $6 per sq ft
The Denver office market is truly facing an apocalypse...
The two towers last sold for $176M in 2013 - a shocking 97% COLLAPSE in value
The complex consists of two skyscrapers standing 28 and 29 stories tall in the heart of Downtown Denver
The buyer is moving toward a major office-to-residential conversion b/c of low office demand
We are truly living in unprecedented times
Stay tuned and follow for more updates on the office market meltdown
It's still WILD that Denver's iconic 785k sq ft Energy Center office complex sold for $5 million - an INSANE $6 per sq ft
The Denver office market is truly facing an apocalypse...
The two towers last sold for $176M in 2013 - a shocking 97% COLLAPSE in value
The complex consists of two skyscrapers standing 28 and 29 stories tall in the heart of Downtown Denver
The buyer is moving toward a major office-to-residential conversion b/c of low office demand
We are truly living in unprecedented times
Stay tuned and follow for more updates on the office market meltdown
JUST IN: A 95k sq ft office building in the heart of DT Denver is set to sell for $2.7M - an INSANE $28 per sq ft
It last sold for $24.5M in 2018 - a staggering ~90% discount in 8 yrs
Here's the crazy part:
The building underwent major upgrades recently, w/ 5 of its 7 office floors already built out and move in ready
And the property sits directly on Denver's iconic 16th Street corridor, which just underwent a $175M renovation
Denver's office market is truly experiencing an apocalypse
Stay tuned and follow for more updates on the office market meltdown
Advice to young people:
Don’t ever get an MBA
For a while now, it’s been one of the most useless degrees in the history of degrees
You spend hundreds of thousands to golf and drink
And you will get laughed out of the room coming into a job thinking you know anything
Don’t do it
Triple Net Investor retweeted
When even the guy who once worked at Enron says WTF...
Billions of dollars’ worth of contracts predicting oil would fall and the S&P 500 would rise were placed about 15 minutes before Trump announced a U-turn on Iran in a post on Truth Social. CFTC staff began to investigate-- then were told to lay off. bloomberg.com/news/features/…
JUST IN: A 95k sq ft office building in the heart of DT Denver is set to sell for $2.7M - an INSANE $28 per sq ft
It last sold for $24.5M in 2018 - a staggering ~90% discount in 8 yrs
Here's the crazy part:
The building underwent major upgrades recently, w/ 5 of its 7 office floors already built out and move in ready
And the property sits directly on Denver's iconic 16th Street corridor, which just underwent a $175M renovation
Denver's office market is truly experiencing an apocalypse
Stay tuned and follow for more updates on the office market meltdown
I 100% believe the shift away from alcohol consumption will accelerate
Drinking alcohol is the new smoking - almost little to no upside
I’ve personally limited alcohol consumption and have never looked or felt better
There are a countless number of healthier and more meaningful ways to socialize
It’s just a matter of time before the masses understand this
Triple Net Investor retweeted
JUST IN: Opendoor stock continues to PLUNGE and is now down a massive ~80% from their 52 week high
I've been warning people about this sh*t company for over a year
Buying and flipping homes nationally is one thing
Doing it profitably at scale is another
Things will only get worse long term without a major pivot
Opendoor's new CEO has been on the job for a couple wks and they're already making a MASSIVE mistake
Planning to grow a house flipping biz "EVERYWHERE in the next couple of wks" is one of the dumbest ideas i've heard
This is what happens when you hire a tech guy that's never flipped a house to run a real estate company
But I hope they prove me wrong and wish them luck
$open
Triple Net Investor retweeted
Oh my God! Was working just found out about RJ
I am heartbroken
Though RJ didn’t play my TV son, I always looked out for him as a young kid on set. He was a sweetheart of a young man and will be greatly missed. This is so heartbreaking, I can’t believe it. Thinking of him and his family.
💔💔💔💔💔💔
JUST IN: Opendoor stock continues to PLUNGE and is now down a massive ~80% from their 52 week high
I've been warning people about this sh*t company for over a year
Buying and flipping homes nationally is one thing
Doing it profitably at scale is another
Things will only get worse long term without a major pivot
Opendoor's new CEO has been on the job for a couple wks and they're already making a MASSIVE mistake
Planning to grow a house flipping biz "EVERYWHERE in the next couple of wks" is one of the dumbest ideas i've heard
This is what happens when you hire a tech guy that's never flipped a house to run a real estate company
But I hope they prove me wrong and wish them luck
$open
A 74k sq ft medical office property in Chicago’s prime Streeterville district just sold for $2M - a SHOCKING $27 per sq ft
It last sold for $40M in 2019 - a staggering 95% discount in just 7 years, per Crain's
Here's the crazy part...
This wasn't some undesirable location
The property is STEPS from Michigan Ave's Magnificent Mile and Northwestern Hospital
Another brutal example of how distressed CRE assets are being repriced across the country
Stay tuned for more major real estate deals and updates
