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Sea-Tac’s $350M Green Rental Car Facility to Debut May 17

Sea-Tac’s $350M Green Rental Car Facility to Debut May 17

By Alex Girda, Associate Editor After four years of construction, a $350 million parking structure designed to streamline car rentals at Seattle-Tacoma International Airport will debut on May 17. The project’s sustainable  features earned Silver LEED certification late last month—the biggest consolidated rental car facility to be so recognized by the…

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Clarion Buys 1600 Seventh Ave. Tower in $137M Sale-Leaseback

Clarion Buys 1600 Seventh Ave. Tower in $137M Sale-Leaseback

By Alex Girda, Associate Editor In a $137 million sale-leaseback deal, Clarion Partners L.L.C. has taken ownership of 1600 Seventh Ave., a 598,000-square-foot office tower in Downtown Seattle. CenturyLink, the telecommunications company formerly known as Qwest Communications,  sold the property it has occupied for 36 years and will remain in 260,000 square feet of…

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Financial Distress Relieved, Smith Tower Seeks To Build Occupancy

Financial Distress Relieved, Smith Tower Seeks To Build Occupancy

By Alex Girda, Associate Editor, and Paul Rosta, Senior Editor Closing a chapter of financial distress for Seattle’s first high-rise office building, the Smith Tower has come under ownership of CBRE Capital Partners.  The firm was the sole bidder for the century-old building and offered $36.8 million at a King County…

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Ashkenazy Makes Regional Debut With $79M Bellevue Retail Buy

Ashkenazy Makes Regional Debut With $79M Bellevue Retail Buy

By Alex Girda, Associate Editor Making its Pacific Northwest debut, Ashkenazy Investment Corp. has paid $79 million for the retail portion of the Bravern, the 1.6 million-square-foot Bellevue mixed-use complex. Ashkenazy, whose portfolio includes high-profile properties like Union Station in Washington, D.C. and Boston’s Fanueil Hall Marketplace, beat out at least…

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As Merger Looms, Harbor Properties Sells Two Multi-Family Assets to AREA for $41M

As Merger Looms, Harbor Properties Sells Two Multi-Family Assets to AREA for $41M

By Alex Girda, Associate Editor Harbor Properties, Inc. has closed the sale of two multi-family complexes to affiliates of AREA Property Partners, the Seattle Times reported. AREA paid $40.9 million for the Mural apartment complex in West Seattle as well as with the Greenhouse complex in Columbia City. The 136-unit, seven-story Mural…

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Vulcan Moves Ahead on Cascade, South Lake Union Projects

Vulcan Moves Ahead on Cascade, South Lake Union Projects

By Alex Girda, Associate Editor Making the latest additions to its prolific Seattle development portfolio, Vulcan Real Estate recently kicked off construction of two major residential projects and the conversion of an historic building. Last month Vulcan broke ground on Stack House (pictured below), a 278-unit residential complex that will occupy an entire block…

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Plans For $500M Arena Hinge on Luring NBA and NHL Teams

Plans For $500M Arena Hinge on Luring NBA and NHL Teams

By Alex Girda, Associate Editor Seattle’s ambition to land major-league basketball and hockey franchises took a major step forward with the announcement of a $500 million plan to build an arena in the SoDo district. More than half the project’s financing–$290 million—would come from private funding secured by hedge fund manager…

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Skanska USA Plans Office Tower for South Lake Union

Skanska USA Plans Office Tower for South Lake Union

By Alex Girda, Associate Editor South Lake Union is continuing its run as a regional hot spot for development. Skanska USA has started the entitlement process for construction of a 339,000-square-foot, 12-story office building, the Seattle Times reported. The property would include [...]…

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Orchard Partners Expands Puget Sound Portfolio; Greenwood Apartment Project Advances

Orchard Partners Expands Puget Sound Portfolio; Greenwood Apartment Project Advances

By Alex Girda, Associate Editor  A joint venture between Orchard Partners LLC and Morgan Stanley Real Estate Investing has closed on the acquisition of the 135,000-square-foot Creekside Distribution Center  in Kent, the Puget Sound Business Journal reports. The $10.46 million purchase Orchard Partners’ [...]…

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Terramar Buys Asset in Bothell; Walmart Plans Stores in Bellevue

Terramar Buys Asset in Bothell; Walmart Plans Stores in Bellevue

By Alex Girda, Associate Editor Terramar Retail Centers L.L.C. paid approximately $35 million for Canyon Park Place, a 130,786-square-foot  neighborhood retail center in Bothell. Anchored by a QFC Grocery and a Bartell’s Drugs, the center marks Calrlsbad, Calif.-based Terramar’s sixth such [...]…

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Seattle’s Office, Retail Markets Soar in Grubb & Ellis Forecast

Seattle’s Office, Retail Markets Soar in Grubb & Ellis Forecast

By Alex Girda, Associate Editor Seattle appears to be poised to rank high among  invesment’s frontrunners again in 2012. A recent Grubb and Ellis Co. report places Seattle’s office market in second place nationwide during a year in which that recovery will continue [...]…

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Pioneer Square Project Ready to Make its Mark on Seattle Skyline

Pioneer Square Project Ready to Make its Mark on Seattle Skyline

By Alex Girda, Associate Editor   R.D. Merrill and Daniels Real Estate are betting big on a new development that will take shape on the parking lot that sits just north of CenturyLink Field. The companies have submitted a plan for a [...]…

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