A Blackstone-owned Seattle office tower could be underwater — literally.  Frankfurt-based Dekabank alleges in a lawsuit that Blackstone Property Partners’ fund failed to repair and maintain the 23-story Exchange Building in Downtown Seattle, allowing “persistent water intrusions” through the property windows, requiring a full repair of the building facade. Dekabank, the lender on the property, alleges Blackstone’s inaction has been “disastrous” and led to at least $17 million in repairs.  The German lender further alleges Blackstone was more concerned with the bottom line than the state of the property. Blackstone put off maintenance that would have prevented the water damage, […]

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