The Promote Podcast: "Sleepless in Seattle: The Martin Selig Story"

December 3, 2025 | Hosted by Hiten Samtani & Will Krasne

Episode Overview

This episode of The Promote Podcast delivers a deep dive into the rise and recent fall of Martin Selig, the flamboyant, risk-loving real estate developer who once dominated Seattle’s skyline. Samtani and Krasne trace Selig’s family legacy from a harrowing escape from the Holocaust to building—then losing—a vast commercial real estate empire. The story captures themes of high-stakes risk, myth vs. reality in development, and the cruel realities facing office landlords in the post-pandemic era.

Key Discussion Points & Insights

1. The Selig Legacy: From Immigrant Roots to Skyscraper Empire

• Selig's father, Manfred, fled the Holocaust and arrived in Seattle in 1940 with "only a few gold coins in the hollowed out heels of his shoes" ([00:25]).
• Martin Selig inherited his father’s ambition, entering real estate in the 1960s, buying his first property in college with 100% leverage ([04:23]), foreshadowing lifelong risk appetite.

2. Building the Empire — 'Man in Full' and the Art of Survival

• Martin Selig grew his portfolio from suburban shopping centers to dominating downtown Seattle, leveraging building codes for unprecedented density ([05:03], [05:41]).
• On risk-taking: "Martin Selig built a skyscraper empire of epic proportions with no partners except for God's good humor. And every time he was in a jam, he houdinied his way out until he couldn't" ([00:47]).

3. The Columbia Center Gambit

• Selig's defining project was the 76-story Columbia Center, financed by a $200 million construction loan at an eye-watering 18% interest—all on spec ([07:16]-[07:38]).
  • “A lot better than my bankers,” Selig quipped when asked how he slept at night ([07:42]).
• Selig sold the tower for $350 million to “keep everything else afloat” ([08:32]), highlighting his willingness to sacrifice icons to stay in the game.

4. Operating Style: Asset Management, Hustle, and No Partners

• He personified hands-on management: no committees, no brochures—Selig made calls and showed up in person ([09:26]-[09:40]).
• "He was his own primary leasing broker. He was the Steve Durell to his own Mark Holliday" ([09:53]).
• Unlike most developers, he refused outside partners, amassing massive projects on his own balance sheet ([12:00]).

5. Gambling with Leverage and the 60% LTV 'Myth'

• Selig claimed a personal 60% loan-to-value cap, but hosts see this as “the most bullshit thing I've ever heard in my entire life” ([12:39]).
• The 'V' in LTV is “fungible”—what mattered was survival, not prudent permanent finance ([13:07]).

6. Daredevil Persona and Appetite for Risk

• Described as a ‘daredevil skier who smoked stogies, had this exotic art collection on display’—Selig embodied risk in life and work ([13:20]-[14:00]).
• Contrasted with other developers who lead quiet lives; Selig “fucking lived, dude” ([13:20]).

7. Surviving Downturns and Cockroach Resilience

• In the 1990s, Selig faced foreclosures and lawsuits, even neglecting to pay a $600k power bill ([14:47]-[14:58]).
• Comparison to cockroaches: most successful CRE developers “just stick around. They show up cycle after cycle. They reinvent themselves” ([15:28]).

8. Creative (and Ruthless) Leasing Tactics

• Selig was relentless in chasing tenants, including suing the EPA for overlooking his bid—eventually filling two-thirds of a building with the GSA at below-market rent ([15:59]-[16:52]).
• Willing to buy tenants out of other landlords’ leases, sometimes taking big risks to fill space, enabling financing ([17:13]-[18:21]).

9. COVID, Structural Shifts, and the Fall

• Seattle’s office sector was hammered by the pandemic; Selig delivered new towers "right into the teeth of it," and vacancy soared ([18:21]-[19:12]).
• “Every single thing that could go wrong did. So it was Murphy's Law…” ([18:38]).
• His class B portfolio was especially vulnerable as class A rents fell, and office fundamentals cratered.

10. The Reckoning: Losses, Reality Distortion, and No Succession

• Selig defaulted on $900 million in loans and lost 19 buildings to lenders or third-party managers ([21:28]-[21:41]).
• "37% of Seattle’s downtown skyline may not be left with very much by the time this is all said and done" ([02:12]).
• His daughter and presumed successor exited the company amid turmoil ([25:08]), leaving open questions about governance and the family legacy.

Notable Quotes & Memorable Moments

• On sleeping at night with massive debt:
  — "A lot better than my bankers." —Martin Selig (quoted at [07:42])

• On developer resilience:
  — "I think the most successful real estate developers are often cockroaches. You can't kill them. You just stick around. They show up cycle after cycle." —Hiten Samtani ([15:28])

• On portfolio management and lost opportunity:
  — "Every day you're not selling, you're buying. And so this guy was buying class B Seattle office basically every day for the last 40 years. And that turned out to be a decent bet until five years ago." —Will Krasne ([24:59])

• On Selig’s motivation:
  — "I think he liked the idea of owning the city. I think that was the drug here." —Hiten Samtani ([27:22])

• On relentless, hands-on approach:
  — "There’s no brochures. He has voicemail, and he was showing up at people’s offices...He was his own primary leasing broker." —Hiten Samtani ([09:40]-[09:53])

Important Segment Timestamps

• Origin Story & Family Background: [00:05]–[04:02]
• Early Deals & Risk Appetite: [04:02]–[07:16]
• Columbia Center Development: [07:16]–[08:54]
• Leasing/Asset Management Style: [09:26]–[10:51]
• Leverage & Myth-Building: [12:00]–[13:07]
• Surviving Downturns: [14:46]–[15:35]
• Creative Leasing Tactics: [15:56]–[18:21]
• Pandemic & Office Collapse: [18:21]–[20:22]
• Losses, Succession, and Reflection: [21:28]–[27:42]

Overall Takeaways

• Martin Selig was a generational outlier—risk-taking to the core, always thinking tactically, and playing to survive another day, but ultimately undone by a combination of market collapse, structural change in office demand, and lack of succession planning.
• His story illustrates both the genius and fragility of the lone-wolf American developer—and, as the hosts note, “top ticking” or knowing when to sell is as important as building.
• The episode maintains an irreverent, insider tone, full of CRE war stories, sharp banter, and references that reward industry-savvy listeners.

For additional market insights, war stories, and more, visit thepromote.com.