Aug 08, 2024

A bit more about that Olympic Block sale

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The two-building Olympic Block in Pioneer Square changed hands this spring, as the DJC then reported. BH Properties acquired the mostly vacant offices — but not the condos on top — in a zero-dollar foreclosure sale. (It also assumed the old loan.) Now Gantry has supplied some additional details about the acquisition. Working out of the firm's Los Angeles office, its Mark Ritchie and Alicia Sabanero arranged a $3 million bridge loan to HB from an unnamed life insurance company. Of the three-year, fixed-rate loan, which carries interest-only terms, Ritchie said in a statement, “We're fortunate to have institutional capital providers that recognize this is an opportune time to finance the acquisition of underperforming assets, particularly at a greatly discounted basis compared to just a few years ago.” Gantry's recent press released called the Olympic Block a distressed asset. At the time of the sale, the offices were about 90% vacant, and Broderick Group newly represents the space. BH is moving its Seattle office into the main building. Its Jim Brooks said, “This loan puts us on track to reposition Olympic Block and re-energize one of the premier creative office environments in downtown Seattle.” Frontal Trust is also a partner in the new ownership.

Hill to head ULI board

Hill

Our local chapter of the Urban Land Institute has announced a new leader for its board of directors: Lori Hill, of Clise Properties. The industry veteran becomes the new chair for ULI Northwest. Says the organization, “In the next two years, Lori is looking forward to supporting the implementation of the ULI Northwest Strategic Plan and engaging with key stakeholders to explore additional ways to enhance value for members, sponsors and community.”

Refresh for Kidder Mathews offices

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Kidder Mathews announced a new lease this June for a new and lower floor at Two Union Square, with a slight reduction in space. It's been there for three decades. The new space, suite 2700, was recently renovated under the guidance of JPC Architects. Kidder's Bill Frame said in a statement, “Our 10-year renewal in downtown Seattle confirms our commitment to expanding our presence here and throughout the Western U.S. We are bolstering our investments in infrastructure, technology, research and marketing to enhance our already strong platform. KM has offices all across the West Coast, with about 900 staffers in 19 locations. Frame added, “We are in a more nimble position to serve the needs of our brokers and clients than many of our publicly held competitors. While other companies continue to reduce support, commissions and stock dividends, we are maintaining 90/10 commission splits and paying dividends to our Kidder Mathews shareholders.”

Nuveen pours $92M into Harvest

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Harvest, the 20-acre wine-themed development in Woodinville, is a very active building site, now with four cranes overhead. Under construction are a hotel (pictured), apartment building, retail and townhouses, all with different but sometimes overlapping owners. Wood Mountain is the lead developer. To finance all that, Nuveen Green Capital announced its recent provision of $92 million in the form of a C-PACE loan. (That's commercial property assessed clean energy.) The loan supports the Somm hotel, expected to open next year, the 31-unit River Run Townhomes (to overlook the Sammamish River Trail) and The Yard, the retail buildings. Over the past 12 months, Nuveen said it has made $440 million in such green loans around the West Coast.

Twidale moves up ranks at Kidder Mathews

Twidale

After nearly 20 years with Kidder Mathews, Christina Twidale continues her climb up the ranks into leadership. Kidder announced her promotion late last month to senior VP of marketing and communications. She's now also one of five women on Kidder's 10-person leadership team. CEO Bill Frame said in a statement, “Christina has played a pivotal role in shaping a best-in-class culture and brand, allowing Kidder Mathews to stand out in the industry and better serve our clients.” Said firm president Brian Hatcher, “She came in at an entry-level marketing position and put in the hard work to rise through the ranks in a very competitive industry. Now, I'm proud to serve with her on our leadership team.”

NAIOP focus on energy efficiency

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Rooftop solar panels and bioswales? We can't get enough of them, and neither can NAIOP. The venue for its Aug. 15 gathering, the 400 Westlake building, is appropriate for the subjects at hand: sustainable development and energy efficiency. (You'll recall that 400 Westlake, designed by Perkins&Will, was honored as NAIOP's Sustainable Development of the Year at last fall's Night of the Stars gala. Martin Selig Real Estate was the developer.) Speaking on green topics will be Jericho Jones from ARCO National Construction, Nancy Hirsch of the NW Energy Coalition, Matt Miller from Puget Sound Energy, Austin Scharff of the state Department of Commerce and Uzma Siddiqi from Seattle City Light. The event begins at 4 p.m. Details and info: naiopwa.org.