Seattle
65-Year-Old Downtown Portland Office Asset Trades Hands as Local Vacancies Dwindle
One of Portland’s landmark office properties traded hands this week when a Unico Properties LLC-controlled investment fund paid a hefty $41 million for a downtown asset. The joint venture between Unico and Cigna Realty Investors purchased the Commonwealth Building from seller Commonwealth Acquisition LLC. Unico Properties previously acted as the property’s manager, a position that it will maintain after the transaction.
Planned Legacy Community to Draw on Appeal of Silicon Canal
As the tech cred of Seattle continues to improve, the city is witnessing an escalation in the number of residential projects designed and built in order to accommodate the young professionals that will be populating the new office complexes. To that effect, Legacy Partners Residential has lined up a new multifamily development project for the increasingly tech-driven Stone Way area. The company is set to develop its new community near the Google offices in the area.
Pacific Northwest College of Art Secures Milestone Loan to Renovate Old Post Office
One of the largest loans ever awarded by the Portland Development Commission found its beneficiary this week when the organization approved a financing package that would help the Pacific Northwest College of Art. The loan totaling $20.3 million in financial aid will help the non-profit institution renovate an aging facility in the North Park Blocks and turn it into a new campus.
New Condo Building in First Hill Announces Construction Start Date; Hospitality Market Continues to Raise Interest
As Seattle’s multifamily market soars with a large number of projects currently going and a backed up development pipeline for the next five years, a new project has popped up in First Hill. Developer Lowe Enterprises Investors has announced the start of construction on its Seneca St. condominium project some time during the middle of 2014.
Seattle Set to Become More Hospitable as Kimpton Announces New Facility; Hedreen Hits Speedbump with Downtown Hotel Project
The Puget Sound area has been thriving in terms of new developments, due to massive increases in office space in the Denny Triangle where Amazon is driving growth, as well as the rise of South Lake Union as one of the hottest development spots in the entire Pacific Northwest. Now, with office projects taking off left and right, and the multifamily development pipeline ready to go until 2015 and beyond, it’s now another sector’s turn to take the spotlight. Two new hospitality projects were announced recently with an aging property in Belltown ready to be turned into a high-end property, while a brand new project will take shape in Seattle’s downtown area.
Chatham Lodging Acquires Residence Inn in Suburban Seattle for $72M
Chatham Lodging Trust has acquired the 231-room Residence Inn by Marriott Seattle Bellevue/Downtown for a net cash price of $72 million, plus customary, pro-rated amounts and closing costs.
Lowe, Alecta Form JV to Develop Seattle-Area High-Rise
Lowe Enterprises Investors and Alecta, Sweden’s largest mutual pension company, have formed a joint venture to develop a 24-story condominium building in the First Hill area of Seattle.
Development Slate: Amazon Makes Chang Tradees to Denny Triangle Spheres, GIS Rekindles Hotel-Condo Project and Belltown Sites Hands
Recent news regarding a number of new or resurrected projects have energized an already exciting development scene as Seattle is seeing large projects continue to take the stage in its downtown area. As Amazon continues to modify its artsy spheres, two high-rise projects promise to make their mark on the city’s skyline, as a mixed-use tower project emerged from the shadow of the economic downturn, and a brand new project might be on its way in Belltown after a development site recently traded hands.
Skanska Rolls Out 400 Fairview Development Project with Brand-New Anchor Tenant
One of the most active foreign developers in the bustling Seattle market in recent years has undeniably been Stockholm, Sweden-based Skanska. The developer is operating its interests here through subsidiary Skanska USA, and now it has a new investment going in the city. The company has announced a $150 million investment in a new office and retail development project in the meteoric South Lake Union neighborhood of Seattle, one of the primary engines for growth in the Seattle real estate market.
Grosvenor Buys 11 Office Buildings in Seattle Suburb for $167M
Grosvenor Americas acquired a group of 11 Class A office buildings in Bothell, Wash., a Seattle suburb, from owner/developer Schnitzer West for $167 million.