May 25, 2023

Koz gets $14M refi in Snohomish

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Cushman & Wakefield and Greystone recently announced a $14 million refinancing package to benefit Koz on Weaver Road, which is near the city of Snohomish. Koz completed the 100-unit senior community three years ago. Dave Karson, Chris Moyer, Paul Roeter and John Spreitzer of C&W represented Koz, and Greystone originated the Fannie Mae loan. The 10-year fixed-rate financing carries full-term interest only. Moyer said in a statement that the fully leased project fills “a void in the market, offering high-quality, affordable age-restricted housing.” Cathy Reines leads Koz, a very active developer of workforce and student housing in our market and Portland. She added, “Snohomish is an idyllic location that as an owner and developer we value greatly, and maintain a positive outlook for its future.”

NAIOP tours are back, baby!

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Breakfast meetings and happy hours are gradually recovering in or post-pandemic era. And now NAIOP is returning its popular property tour. Since the June 14 breakfast topic is Lake Union and its environs, as noted in this space last week, that gathering will nicely tee up the July 13 property tour. The exact tour itinerary is still TBD, but we're warning you now. Remember your sunscreen. The march begins at 1:30 p.m. Check the website for details and registration: naiopwa.org.

May 18, 2023

Urban Renaissance Group

Olson

Urban Renaissance Group has a new VP of human resources, the firm recently announced. That would be Anna Olson. She makes the move from Big Fish, the gaming company that once occupied the now mostly vacant Maritime Building on the downtown waterfront. CEO Patrick Callahan said in a statement, “Anna brings a wealth of knowledge and expertise to Urban Renaissance Group. I'm thrilled to announce her hire, and confident that her proven track record and passion for HR will be a great asset for our 200-plus team members.” She'll be responsible for developing and implementing what the firm calls “people strategies.” Olson said she looked forward to “fostering a culture of inclusivity, innovation, and employee engagement.”

IWG lures bike commuters

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Once called Bike to Work Day, that May notion has now expanded and evolved to Bike Everywhere Month. OK, fine. As part of the fanfare, flexible office provider IWG says that it's allowing complimentary access to its business lounges in markets including ours. The invite is for May 15 through Friday (which some still mark as BTWD); so you have two days to visit and explore. IWG CEO Mark Dixon said in a statement, “Sustainability is top of mind for many companies around the world — and their employees are looking for ways to decrease their carbon footprint. The shift to the hybrid work model is bolstered by the rising popularity of the concept of the 15-minute city, where people live and work within 15 minutes of their home.” Download the IWG app if you're curious. IWG has over a dozen locations in Seattle and Bellevue, with brands including Spaces, Regus and Industrious. One of the nicest is the Spaces in the landmarked Ainsworth & Dunn building, conveniently located on the waterfront where the Elliott Bay Trail feeds out of the sculpture park.

What's next for SLU? NAIOP demands answers!

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June 14 will mark the next monthly breakfast gathering for NAIOP, at the Hyatt at Olive 8. After the networking, which begins at 9 a.m., a panel will address “Lake Union's next wave.” Says NAIOP, “Most of us know Lake Union as an epicenter of scientific research and innovation, and in the last few years, it has also seen a major growth in development.” So true. An unnamed panel will share insights about SLU and Eastlake, where life-science projects are sprouting seemingly everywhere. Alexandria Real Estate Equities, Vulcan Real Estate and BioMed Realty are particularly active in the area, and life science is one of the few bright spots in commercial real estate these days. As to the panel, it'll include “some of the key players who are leading the way on these projects.” Details and registration: naiopwa.org.

Official shovels at U District Station Building site

The DJC first reported in March that work was underway on the U District Station Building, which is to rise atop U District Station itself. Developer LPC West confirmed the news earlier this month, and held an official groundbreaking on May 10. The UW owns the air rights, and will occupy about half the 12-story, 266,000-square-foot office tower, which was designed by Perkins & Will. GLY Construction is the builder, and Intercontinental Real Estate is a partner with LPC West. The latter's Alex Aigner said in a statement, “We are so fortunate to work with UW and other great partners to deliver an innovative building that embraces best practices in transit-oriented development.” Completion is expected by the end of next year; occupancy should be in 2025. What's newsworthy is that the UW is no longer taking the whole building, likely a change prompted by hybrid schedules and work-from-home. Floors two through six will go to the university, and the remaining 130,000 square feet — floors 12 down to seven — are being offered by Cavan O'Keefe, Tim O'Keefe and Jesse Ottele at Newmark. There's no set asking rate; floor plates average around 22,167 square feet.