Thank you for sharing!

Your article was successfully shared with the contacts you provided.

SEATTLE-The foreclosure sale of the 13-story Seattle Telecom building has been pushed back to Aug. 16 in an effort to allow the partnership, led by Oskar Brecher, to hash out a payment plan with its lender, Lehman Brothers Holdings.

The 13-story building was purchased in 1999 for $34 million by Seattle Telecom LLC. The subsequent dot-com bust eliminated the demand for such space, and the partnerships plans to renovate the building into a data center went bust.

Building tenants included telecom provider Global Crossing Ltd., which filed for bankruptcy early in the year and vacated the two floors it had occupied in the building.

Lehman Brothers planned to foreclose on the property when the partnership fell behind on payments but delayed any action to allow the partnership to work on restructuring its debt.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.