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SEATTLE, WA-The town is abuzz with rumors Martin Selig, a long-time Seattle real estate icon, is soliciting offers for his entire portfolio — one that includes upwards of 3 million sf of choice Seattle commercial properties. Rob Aigner, executive managing director of the Seattle office of Colliers International, tells GlobeSt.com that while Selig has made no formal announcement, he has made no efforts to quash or dispute reports he intends is to sell out of the real estate business.

GlobeSt.com was unable to obtain a response from Selig’s office.

Aigner says far more important than Selig’s properties potentially changing hands are the implications of such a transaction’s numbers.

“The talk of the industry is what he’ll get for it. Because of the size, the price per square foot will be very reflective of the market,” Aigner says.

Puget Sound’s commercial market has taken several hits over the last 12 months, beginning with the blow-out of the dot-com industry, and culminating most recently with the ground-shaking events of September 11. Repercussions have tenants perched on the real estate sidelines.

Despite the fact that the market is in such rough shape, Aigner is of the opinion a buyer will surface.

“I think he’ll find a buyer because of the size of the portfolio,” says Aigner, adding, “It’s the perfect opportunity for someone wanting to make a mark in Seattle, to diversify geographically or, at least, set the table for a presence here in one fell swoop by acquiring a nice portfolio.”

That “nice portfolio” includes Downtown office properties 1000 Second Avenue, a 40-story class A office building in Seattle’s central business district, and the Fourth and Blanchard building in Belltown. Other Selig properties are the West Harrison Tower, a seven-story Queen Anne building, the six-story Third & Broad building, the Fourth & Vine Building with eight floors, and the 12-story Fourth & Battery Building.

While no longer owned by Selig, the developer — in his early 60′s — is best known for constructing the Northwest’s tallest building. Now the Bank of America Tower, the 76-story black-glass structure was originally Selig’s Columbia Center. Those in the know say Selig’s motivation for selling is some combination of the issues of age, health and divorce.

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