M
artin Selig is a household name in Pacific Northwest high-rise building circles. As the founder of Martin Selig Real Estate, established in 1958, he built his company into the region's largest independent developer. The Columbia Tower, completed in the 1980s, remains Washington state's tallest building. Today, Selig's office portfolio boasts around 31 buildings, totaling nearly 5 million square feet.

    However, Seattle's commercial real estate scene has been experiencing a downturn. Paul Roberts, a business reporter for The Seattle Times, has written extensively on Selig's fortunes and spoke with KUOW's Rob Woods about his remarkable story.

    Selig earned the nickname "Houdini of downtown Seattle's real estate market" due to his ability to bounce back from adversity. Despite facing recessions, bankruptcies, foreclosures, and other challenges, he consistently managed to recover and even expand his business. As Roberts notes, people have learned not to bet against Selig, despite their personal reservations about him.

    Selig's rise to prominence began in the 1950s when he purchased his first investment property. He built a shopping mall in the early 1960s and gradually expanded his portfolio through strategic leasing and deal-making. His ability to network and offer attractive incentives has allowed him to fill his buildings, often at the expense of his competitors.

    However, Selig's current situation is precarious. With over $800 million in troubled loans, he faces significant financial challenges. High vacancy rates due to remote work and high interest rates have made it difficult for him to refinance many of his loans. This perfect storm has pushed even a seasoned developer like Selig to the limit.

    Despite this, Selig still enjoys a unique leverage over his lenders. As Roberts explains, these lenders are reluctant to take back underperforming office properties, especially when they know that someone with Selig's expertise and experience may be able to turn them around. To avoid foreclosure, lenders will often grant extensions, allow renegotiations, or take other steps to keep Selig in his buildings for as long as possible.