MetLife has taken control of Westlake Tower, the 25-story office building above Westlake Center, in a foreclosure transfer that shows just how far downtown Seattle property values have dropped. Completed this month, the deal is one more sign that the city’s core business district is still grinding through a post-pandemic reset in office demand.
According to CoStar, MetLife acquired the tower at 1601 5th Avenue in late January through a foreclosure sale. The building changed hands at a fraction of its previous price as lenders and owners wrestle with thin leasing demand across much of the downtown market.
About the building
Westlake Tower is a roughly 365,674-square-foot Class A office property perched directly above the Westlake Center retail complex, according to Unico Properties. The tower last traded in 2019, when Unico paid about $236 million for the asset, per Bisnow.
What the sale says about downtown demand
The foreclosure comes against a backdrop of a choppy recovery in downtown leasing. A CBRE snapshot cited by ConnectCRE counted nearly 94,000 daily downtown workers in February 2025 but also put first quarter office vacancy near 27 percent, highlighting an oversupply in parts of the market.
Other local distress, including lenders and special servicers stepping in on older buildings, has been tracked by The Real Deal, underscoring how owners and their financiers are actively reshaping portfolios instead of waiting for demand to snap back on its own.
What comes next
Analysts say institutional buyers that move in at discounted prices typically try to reposition or upgrade properties to land more stable tenants, or they look at redevelopment when office-to-something-else conversions are realistic. CBRE research finds that conversions and demolitions are already removing meaningful chunks of U.S. office inventory, a trend that could shape how new owners handle downtown Seattle assets.
For tenants and nearby retailers, that may translate into new investment in building upgrades or a stretch of continued churn while owners work to stabilize cash flow and figure out the next chapter for older towers.
Public records are expected to document the transfer once deeds are recorded, and those filings may reveal more about the sale price and the loan behind the foreclosure. This story will be updated as those documents and any lease details become available.
