This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Schnitzer West Purchases Prime Property In Downtown Bellevue





SEATTLE, Dec. 16, 2013 /PRNewswire/ -- Schnitzer West continues its investment momentum by reinvesting proceeds from the recent sale of its North Creek properties to purchase a site in the Bellevue central business district, where it plans to build a premier, 16-story Class A+ office building.

(Photo: http://photos.prnewswire.com/prnh/20131216/SF34461)

Schnitzer West purchased the site, located in the heart of Bellevue's central business district on the corner of 106th Avenue Northeast and Northeast Fourth Street, where it will develop a 360,000-square foot office building that will include street-level retail and a Bank of America branch. The new office tower is slated for completion in 2016.

Driven by the region's thriving technology industry, Bellevue has grown into a booming business center, and as a result its commercial real estate market has become increasingly constrained. As demand increases, businesses that want a unique environment and amenities not found in traditional office buildings are struggling to find spaces that fulfill their needs.

"Before we embark on a development project we conduct extensive market research," said Schnitzer West Senior Investment Director Pam Hirsch. "We spend time listening to tenants to fully understand their evolving needs. We then design our real estate around their feedback. Both our research and the vacancy rate clearly demonstrate that companies want to be in Bellevue. Given this, we are focused on providing those companies with an exceptional offering in Bellevue beyond the commoditized alternatives."

"Leading companies are increasingly viewing office space as a competitive advantage for their business, one that reinforces their brand and helps them to attract and retain their most valuable resource, their employees," said Schnitzer West Investment Director Pete Aparico.

Schnitzer West's new office tower will offer a superior level of service and amenities designed to meet the needs of today's mobile, multi-generational workforce. The building includes a host of functional common areas that effectively extend the use of a tenant's leased space, including a spacious state-of-the-art conference and training center, on-site concierge, a comprehensive fitness center with fully appointed locker rooms, and an indoor/outdoor great room designed to optimize collaboration, efficiency and productivity.

The acquisition of this site launches the investment company's third major project in Bellevue, where it has developed more than two million square feet of commercial space in the city. Schnitzer West's previous projects in Bellevue include Civica Office Commons, completed in 2001; Advanta Office Commons, completed in 2007; and The Bravern, completed in 2009.

"We love Bellevue," Hirsch said. "We have consistently invested in this market since 1997 and are very excited to continue this momentum with another successful project. Our experience tells us the market is ripe for reinvestment and further development."

The listing team for Schnitzer West's Bellevue office project includes Dwight Newell of CBRE and Mark Flippo and Daniel Seger of Jones Lang LaSalle. In addition to the Bellevue project, Schnitzer West is working on three other development projects in the Puget Sound region. These include Madison Centre, a 750,000-square-foot office project located in the Seattle central business district; 501 Fairview, a 300,000-square-foot office project located in South Lake Union; and an approximately 450,000-square-foot industrial project in Puyallup. All of these projects are slated to break ground in 2014.

About Schnitzer West LLCSchnitzer West LLC is one of the West Coast's fastest growing real estate investment, development and property management companies. Founded in 1997 by managing investment partner Dan Ivanoff and Schnitzer Investment Corp (now MMGL Corp) and led by a core team of regional operating partners, the company has built a successful track record in the commercial and multi-family housing markets through product innovation, disciplined management and investment expertise. Known for its commitment to "Outperform the Expected," Schnitzer West has earned recognition for creating innovative workplaces and living spaces, for delivering superior-to-market returns and for its value-creation approach to property management. To date, the company has developed or acquired and repositioned 8 million square feet of commercial real estate in the Seattle, Portland and Denver markets, including Class A and suburban office; flex, industrial, bio-tech space; upscale retail space and luxury multifamily. In addition, Schnitzer West brings its unique investment focus to asset and property management, with more than 4.5 million square feet in the Seattle and Denver markets under management. Learn more at www.schnitzerwest.com.

SOURCE Schnitzer West LLC

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,135.72 +38.82 0.21%
S&P 500 2,101.04 +2.51 0.12%
NASDAQ 4,982.8090 +15.6680 0.32%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs