Real Estate Development | Sustainable Building
Zarett Properties is a privately-owned Seattle real estate development and investment firm headed by CEO David Zarett. Current real estate holdings include the Alaska Trade Building, the 1205 E Pike Building, and others on the historic registry and in the sought after Pike Place Market and Capitol Hill areas.
In 1997, Zarett purchased the Seattle Ice building. The 122,000 square foot building was in significant disrepair with rotting wooden beams and condemned by the city of Seattle. After three years of painstaking work to restore and renovate at the cost of $10 million, the building reopened and became home to The Cobalt Group and Starbucks Corp. The building was renamed the Cobalt Building and sold for $20 million in 2007. The project was one of the first significant projects in the revitalization of the SODO area in Seattle commercial real estate market.
Zarett Properties’ commercial real estate specialty is the purchase of historic, industrial buildings and renovating to suit commercial partners with sustainable green methods. Zarett is currently developing a first-class, contemporary office and retail building adjacent to GasWorks Park.
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CEO, David Zarett
David founded Zarett Properties, a Seattle real estate development firm in 1992, following a life-long love of building and architecture. Originally from Los Angeles, Zarett found the beginnings of his success in Seattle, Washington. He is best known for the purchase and rehabilitation of the 100-year-old Seattle Ice Building which was widely seen as a visionary investment and renovation.
In recent years, Zarett has turned his attention to green building, sustainability, and conservation. This work extends to his forest management and preservation efforts in Snoqualmie, Washington. After purchasing over a thousand pristine acres, David became a formidable adversary against a proposed dam on the North Fork of the Snoqualmie River that would have ruined habitats and a highly-rated kayak run.
As a committed member of the Seattle community, David Zarett provides considerable financial and personal support for numerous charitable organizations. A particular philanthropic cause is Camp Korey, a summer camp for children suffering from severe illnesses. Additionally, Zarett supports the Boys and Girls Clubs of America and Doctors Without Borders.
David earned his Bachelor of Science degree in business from the University of Oregon. He is an avid traveler and outdoorsman, spending much of his time in South America. He is also an accomplished musician.
To the casual observer, buying a defunct cold storage facility as an investment seems absurd, but then a casual observer doesn’t know much about real estate in Seattle.
David Zarett, a 36-year-old developer of Zarett Properties, knows plenty about real estate in the Puget Sound region. To him, the deal for Olympic Cold Storage’s former facility made perfect sense. So two years ago he bought the old brick building at 2200 First Ave. S., for nearly $1.2 million and sunk another $8 million into rehabbing it.
What was once an old cold storage facility now is a 92,000-square-foot office building that essentially is fully leased. Commercial real estate experts report Starbucks is taking the remainder of the building for office space.Read More
At first glance you’d think David Zarett might be looking for a job at The Cobalt Group headquarters south of Safeco Field.
With his mop of curly hair, casual clothes and cool sunglasses, he blends in with the young techies building Web sites for auto dealers. But Zarett’s just there to enjoy his handiwork: a former ice factory that the 36-year-old developer converted into some of the most elegant offices south of Pioneer Square.
“I’ve always been drawn to turn-of-the-century buildings because they’re one of a kind,” he said. “Nobody’s going to build them anymore. Nobody’s going to build a building with 2-foot-thick brick walls, with these big beams, because it would be too expensive.”Read More
A Seattle-based partnership led by investor David Zarett paid $7 million to buy the Alaska Trade Building and the adjacent Butterworth Building, in the 1900 block of First Avenue in Seattle, from investors including Paul Liao of engineering firm KCM Inc., property records show. Sally Patterson and Dan Stutz of Martin Smith Inc. represented the Zarett partnership, ATB LLC. KCM is the primary occupant of the property.Read More
The 122,000-square-foot building at 2200 First Ave. S. was bought by UCM/FPI-Cobalt LLC.
David Zarett bought the building in 1997 for $1.2 million and renovated the structure, which now lists Starbucks Corp., the Cobalt Group, Kinetix Living Corp. and Airtouch Cellular as tenants. Zarett said the building is 100 percent leased.Read More
The deal turns another risky spec project into a likely success.
Cobalt, which provides Web services for auto dealers, will occupy the converted four-story building’s office space. Zarett said he has another tenant close to signing for the first-floor retail space. The 92,000-square-foot structure is at 2200 First Ave. S.Read More
Seattle investor David Zarett has doubled the size of his holdings on the north end of Lake Union, where he now is considering developing an office project instead of residential condos.
Last week, Zarett paid just under $3.6 million for slightly less than a half-acre at 3301 Burke Ave. N.. A small, 1980 office building sits on the property. With the acquisition, Zarett now owns roughly half a block overlooking Gas Works Park and the city skyline.
Zarett’s decision to hold the property longer term for a possible office project of up to 120,000 square feet bucks a trend. These days, Seattle developers are building apartments. He said if the office plan doesn’t work out, he could develop a multi-family project.Read More
Seattle real estate investor David Zarett bought the cold-storage building in 1997 for about $1.2 million and spent $8 million converting it to office space. Since then, an all-star group of companies has occupied the 106,500-square-foot structure.
One tenant was the Cobalt Group, which designs websites for auto dealers. Four years ago, ADP bought Cobalt for $400 million cash. Then there’s Zulily, the daily deals website that sells clothes and other items for moms and kids. Zulily went public in November and made $253 million.Read More
An investment group led by David Zarett paid $3.58 million for a second half-block property overlooking the north end of Lake Union.
The investment group bought the 0.47-acre site at 3301 Burke Ave. N. from Restaurants Unlimited founder Richard Komen and his family. The property includes the 8,051-square-foot Restaurants Unlimited office building.Read More