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Real Estate


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February 25, 2009

Schnitzer is offering to sell M5 site, plans

By LYNN PORTER
Journal Real Estate Editor

Developer Schnitzer West will not build its 750,000-square-foot M5 Commerce Centre office building in downtown Seattle, and has put the property on the market, according to Dan Ivanoff, the firm's managing investment partner.

Ivanoff said the firm's original strategy was to acquire the land, design and permit the project, and then sell it. It had planned to construct the complex at Fifth Avenue and Madison Street only if it landed a substantial prelease, he said, and that hasn't happened.


 
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