When thinking about Seattle or the Puget Sound region, what words come to mind? Thriving tech industry? Music hub? Craft beer and coffee capital? In addition to these vital descriptors, Seattle is home to a booming real-estate market.
While the residential market appears to be cooling, according to Zillow; it’s a different story with the commercial real estate market. Seattle is often referred to as a Renaissance city for commercial real estate investments with more than 6.4 million square feet of space slated to come to market in 2019, according to a study by commercial real estate blog Commercial Café. The upward investment in commercial real estate is a result of Seattle’s dynamic job market and an example of how the region’s growing workforce is impacting the economy.
Our longstanding client Schnitzer West, a premier vertically integrated real estate investment firm, is a significant player in the commercial real estate market in the Seattle/Bellevue region as well as in Denver.
Since the company’s inception in 1997, Schnitzer West has developed more than 7.8 million square feet of property in Seattle, and Denver. The company also acquired and repositions developments and to date, manages nearly 4 million square feet of office, flex and industrial buildings in these markets.
This has been an exciting year for the 22 year-old-company with four notable sales and/or acquisitions: two in the Puget Sound region and two in Denver. Below is an overview of these announcements and the coverage we secured to build awareness of Schnitzer West’s expertise developing and repositioning office space to meet the unique needs of today’s workforce.
Swift Real Estate Partners Acquires Bellevue 520 Corridor from Schnitzer West and RMA
In August, Schnitzer West announced the sale of Bellevue 520 Corridor Office Portfolio (520 Portfolio) comprised of Bel Kirk 520 and Centra Office Park to Swift Real Estate Partners. Schnitzer West and RMA sold the 520 Portfolio for $59.3 million. Bellevue is a dynamic and growing submarket in the Puget Sound region, according to Bellevue’s Downtown Association, there was nearly 1.5 million square feet of office space developed in Downtown Bellevue from 2017 to 2018.
- Daily Journal of Commerce: Schnitzer West sells 2 Eastside office properties to Swift for $59M
- Commercial Property Executive: Swift Real Estate Closes Bellevue 520 Corridor Office Purchase
- Puget Sound Business Journal: Schnitzer West, partner sell Eastside suburban office portfolio
- The Registry: Swift Real Estate Acquires Bellevue 520 Corridor from Schnitzer West and RMA for $59.3MM
Vanbarton Group Purchases Seattle’s 901 Fifth Avenue Office Tower from Investcorp and Schnitzer West for $305 Million
Earlier this summer, Vanbarton Group a privately owned, vertically integrated real estate investment and advisory firm purchased 901 Fifth Avenue from Schnitzer West and Investcorp for $305 million. The 100 percent occupied office tower is a 541,190-square foot, 41-story Class-A building in Seattle’s central business district.
- Puget Sound Business Journal: Value of Seattle office tower jumps by more than a third in three years
- Commercial Property Executive: Investcorp JV Sells Seattle Office Tower for $305M
- Seattle Business: Office Tower 901 Fifth in Downtown Seattle Has a new Owner
- S&P Global Market Intelligence: Vanbarton Group acquires Seattle office tower for $305M
- The Registry: New York-Based Vanbarton Group Buys 41-Story Seattle Tower for $305M
- DJOC: Seattle newcomer buys 41-story office tower for $305M
- ReBusiness Online: Vanbarton Group Purchases Seattle’s 901 Fifth Avenue Office Tower for $305M
- GlobeSt: $305M Buy of 901 Fifth is Expansion for Vanbarton
Schnitzer West Acquires New Mixed-use Property in Denver’s Flourishing Central Business District
In April, Schnitzer West announced the purchase of a parcel of land located at 3615 Delgany St., in the River North Art District (RiNo) of the Central Business District (CBD) of Denver. The acquisition of the Delgany property is an example of the role Schnitzer West is playing to help build a business presence in RiNo district that will support those living and working in the district and greater region.
- Denver Business Journal: Office demand shifting toward RiNo’: Developer proposes 12-story commercial building
- MileHighCRE: 12-Story Speculative Office Building Planned for RiNo
- Puget Sound Business Journal: Bellevue company Schnitzer West plans speculative office project in Denver (print)
- Business Den: Developer of Civica Cherry Creek pays $6M for RiNo site, plans 12-story office project
Schnitzer West Acquires Two Properties in Southeast Denver Area
In Q1 2019, Schnitzer West announced the purchase of two properties in the Denver area: Peakview Place in Centennial, Colorado and 115 Inverness in Englewood, Colorado. Both properties are ideally positioned in transit-oriented locations within Denver’s southeast suburban (SES) submarket, which is Denver’s largest office market. This purchase demonstrates another example of Schnitzer West’s commitment to bringing the Denver workforce office space that best supports their needs.
- CoStar: Seattle Developer Buys Two Denver-Area Properties Near Light-Rail Line
- Commercial Property Executive: Schnitzer West Acquires 2 Denver-Area Assets
- Colorado Real Estate Journal: Schnitzer West buys two properties in southeast Denver
We are excited to continue partnering with Schnitzer West and raise awareness around the role they are playing in strengthening the Puget Sound and Denver business districts. As the job market in these regions continues to evolve, Schnitzer West will continue to innovate its development and design strategies to support the needs of businesses and exceed the workforce’s expectations.