David Zarett is a Real Estate Developer in Seattle, Washington
For over a decade, David Zarett has been a visionary in the movement to gentrify Seattle Washington’s Duwamish industrial corridor. Zarett's specialty is transforming historic industrial buildings into modern commercial spaces with sweeping city views.
With a flair for design and no shortage of imagination, David Zarett works side-by-side with hand picked architects and contractors to maintain the integrity of existing elements while introducing a new architectural layer and language to his spaces. Zarett also listens to the artisans and designers he partners with. He says the secret is “being open minded and not thinking you know it all.”
His secret for success has paid off. David Zarett bought the Diamond Ice building in 1997 for $1.2 million. It had holes in the floors, rotting beams and had been condemned by the city. After nearly three years and $10 million dollars worth of work, Zarett opened the doors to The Cobalt Group, Starbucks Corp. and an Internet company.
With its soaring ceilings, exposed brick walls and old-growth timber beams, in 2007 David Zarett sold the 98-year-old Cobalt Building for $20 million. The 122,000-square-foot building near CenturyLink Field (Home of the Seattle Seahawks and Seattle Sounders) was bought by UCM/FPI-Cobalt LLC.
“It’s the kind of development that needs to be happening in the 21st century,” David Zarett says. But with the lagging economy Zarett admits he has no immediate plans to put his creative chops to work on another conversion. “Commercial real estate in Seattle won’t recover until the rest of the economy does,” Zarett says. “We need to see jobs come back before we can fill the empty office space.” He says he doesn’t expect Seattle will return to anything approaching normal until 2014. “But you never know,” Zarett adds coyly.
Perhaps on some street in the evolving Duwamish corridor, another building awaits the David Zarett touch.
Zarett Properties 206-621-8949
114 Alaskan Way South Seattle, WA 98104