Benaroya Capital
Taking a step back and keeping close watch on vacancy rates is the Benaroya Capital Co.’s prescription for 2001. After what Larry Benaroya termed a “superb” year, the firm will be “a little less aggressive than we were last year.” A firm spokesman says Benaroya Capital remains “extremely optimistic about this year.”
Right now Benaroya Capital seems to be rebounding from the giveback of 130,000 square feet by Network Commerce, which describes itself as a global technology and infrastructure services company, in the completed Metropolitan Park III building. The firm is courting a number of tenants for the space. According to Benaroya, after a lease is signed tenant improvements could be completed within 30 days.
Among the other notable deals that Benaroya has been involved with of late are leasing the old Rainier brewery to Tully’s Coffee and sale of a 3-acre site in Bellevue to Paccar for $21.5 million, a lofty $161 per square foot. Paccar may eventually build a new headquarters there.
Benaroya is currently in negotiations to sell a portion of the Rainier brewery site to Sound Transit for a light rail maintenance yard. Talks are bogged down over a substantial price discrepancy, however.
A company spokesman says Benaroya Capital hasn’t made any internal moves to adjust to changing market conditions, but the company will keep a wary eye on market conditions, especially in the office market.
Said the spokesman, we think “things are better than they were 12 months ago, but not as good as they were four months ago.”