Jan 17, 2025

CREW Seattle

CREW Seattle announced its 2025 Board of Directors, a group of leaders dedicated to advancing women in commercial real estate through initiatives, networking opportunities, and a commitment to fostering meaningful industry impact. With representation from a wide array of CRE sectors — law, development, construction, and more — their collective expertise and dedication ensure that CREW Seattle remains a resource for professional development and community support for members throughout the Puget Sound region.

New board members are: President Elect Treasurer Emily Kelly, Stoel Rives; President Christine Hadman, Auburn Mechanical; Past President Jeanette Flory-Sagan, Cereus Asset Services; CREW Network Liaison Amy Schroeder, KeyBank Commercial; Diversity, Equity, & Inclusion: Linda Kanoski, CBRE; Events: Maria Poyer, Microsoft; Foundation: Melissa Kroskie, Microsoft; MarCom:Anna Glidden, The Marketing Department US; Membership: Linda Hoffner, Wright Runstad & Company; Professional Development: Joan Walters, Skyline Construction; Programs: Mary Ellen Martin, Beam Reach Development; South Sound: Angie Kim, Prologis; and Sponsorship: Sara Bago, Lee & Associates Commercial Real Estate Services.

Jan 16, 2025

Bridge welcomes new tenant in Everett

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There's a new tenant at the year-old Bridge Point Everett 500, from Bridge Industrial. FastSigns announced last week that it's occupied 50,000 square feet in Building B (over half its capacity). That's about double the space it previously had downtown. The ribbon snip came last week, with Mayor Cassie Franklin in attendance. The company estimates it could eventually grow its operation there to 140 employees. CEO Tobi Ferguson said in a statement, “Our new state-of-the-art facility marks a transformative step forward. This expansion not only doubles our production capacity, but also integrates advanced printing technologies.” The entire development spans 40 acres, with 487,199 square feet. Of that, only 78,317 square feet remains unclaimed. The brokers are Daniel Seger, Blake Bentz and Thad Mallory at Newmark. Sierra built the project, which was designed by SynThesis.

$56M Avatar loan backs 600 units in Boulder

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Based here in Seattle, Avatar Financial Group announced this week that it supplied a $56 million loan for the future 610-unit Williams Village redevelopment in Boulder, Colorado. That's to replace an old strip mall. Avatar's T.R. Hazelrigg IV said in a statement, “Borrowers with large, transitional, and often complex projects like Williams Village are increasingly turning to private capital for the flexibility and speed they need.” The two-year loan “allows the borrower to buy out two remaining ground leases and get the site fully entitled for redevelopment,” says Avatar. Land deals will come this year; the six-building, mixed-use development will occur in two phases. It's to include a new grocery store and other retail. Morgan Creek Ventures is the developer, working with Coburn Architects. About half the apartments are intended for students at the nearby University of Colorado.

Cushman & Wakefield finds $40M for SoDo industrial

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Down in SoDo, Avenue 55 completed its speculative Track6 industrial building in 2023. That four-story, 210,774-square-foot project is now about 28% occupied. The project recently benefited from a $40 million refinancing package secured by Cushman & Wakefield's Dave Karson, Chris Moyer, Paul Roeter and Jason Blankfein. The money came from Thorofare Capital. Karson said in a statement, “The lending market for differentiated industrial assets such as Track6 is robust, and we could not have been more pleased to work with Thorofare Capital on this transaction.” Avenue 55's Joe Blattner added, “Track6 presents a distinct value proposition, as there is effectively no competitive product in the market. This special facility is nearly a turnkey offering for tenants.” Sierra built the project, which was designed by Nelson and Craft Architects. Newmark represents the space.

Northmarq lands $67M for Bremerton units

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In Bremerton, Tarragon began the phased Camber apartments in 2021. Both phases, with 324 units, are now open and leasing. Milbrandt Architects designed the garden apartments, which were built by the developer. Now's the time to refinance Camber, and Northmarq's Robert Spiro and colleagues did just that. Northmarq announced the $67 million December deal last week. The new money, from Fannie Mae, retired prior loans from PNC Bank and Heritage Bank. The new fixed-rate loan carries a seven-year term. Spiro said in a statement, “Another great property to get financed to pay off both construction loans just before year end.”

Zoom finds a home in Bellevue

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Broderick Group recently noted in its Eastside office report for the fourth quarter that pandemic darling Zoom had leased 19,085 square feet at Symetra Center in downtown Bellevue. Broderick's Grant Yerke and Matt Schreck represent the 39-year-old office tower. Now the landlord, Sterling Realty Organization, has offered more details. Its Whit Hamlin said in a statement, “We are delighted to welcome Zoom to the Symetra Center. This lease, in addition to strong interest from other top-tier tenants, underscores the impact of SRO's substantial investment in reimagining the lobby and exterior plazas.” The 25-story building was renovated last year, a $40 million effort led by Turner Construction, architect CollinsWoerman and interior designer Grayscale Design Studio. Remarkably, says Hamlin, the building is now 96% leased! That's an enviable number for an office building of any vintage. Zoom's Alana Collins added, “We chose to locate our newest office in the Seattle area due to the region's vast history of innovation and its prominent role in the evolution of AI.”

South Sound economic forecast, ahoy!

Frame

NAIOPWA will hold its annual South Sound economic forecast event next Wednesday at the Tacoma Convention Center. Speaking will be Matthew Gardner of Gardner Economics, with a following panel discussion also to include Morgan Sly of Rush Companies, Kidder Mathews CEO Bill Frame (pictured), Panattoni's Travis Hale and Bellevue Capital Group's Faraz Rouhani. The event begins at 11 a.m. Details and registration: http://www.naiopwa.org

Northwest Natural Gas

Rush

The Board of Directors of Northwest Natural Gas Company (NW Natural) has named longtime company executive Kim Rush to serve as president, effective April 1. NW Natural, the largest subsidiary of Northwest Natural Holding Company, is a 166-year-old, Portland-headquartered utility. Rush will assume full strategic, financial and operational responsibilities. The appointment coincides with Justin Palfreyman's expected appointment to the role of CEO of NW Natural Holdings and NW Natural, replacing the retiring David Anderson. Rush's career at NW Natural began in 1998 and includes numerous leadership roles covering communications, marketing and operations, leading to her being named senior vice president and chief operating officer of NW Natural in 2023. Rush has also served as chief marketing officer and chief corporate communications officer. Prior to joining NW Natural, Rush held management and senior communications positions at Alltel Corporation and Bank of America. Rush currently serves on the board of the Northwest Gas Association and is a member of the Operations and Sustainable Growth committees of the American Gas Association.

Smartsheet

Hahn

Schoenleitner

Bellevue-based Smartsheet, an AI-enhanced enterprise-grade work management platform, announced that Eva Schoenleitner has joined the company as vice president and partner. Schoenleitner brings expertise in the global technology industry. Previously, she was the chief executive officer of Crate.io, served as the group vice president of digital partnerships at ABB, and spent 11 years at Microsoft in global and regional sales, channel and product roles. In addition, Schoenleitner serves on the board of directors at Pratexo. Schoenleitner will lead the next iteration of Smartsheet's partner ecosystem, including solution providers, business partners and system integrators. In addition, Jim Hahn has joined the company as vice president of corporate communications. Hahn has more than two decades of experience leading integrated communications strategies for enterprise technology businesses at pivotal moments. Previously, he spent 15 years at Dell in various executive communication roles. Prior to Dell, he worked for Microsoft, Vignette, and Fleishman-Hillard. Hahn will support the organization in all aspects of communication, including executive communications, public relations, crisis communications, industry analyst relations, internal communications, and social media.

Sound Transit

Sound Transit named Nadia Anderson as its chief strategy officer, a new position created to guide the agency's approach to the technological, environmental, and economic future of the region. Anderson joins at a time of growing momentum for the agency, which is continuing to build on three recent light rail openings as part of the largest expansion of transit service in the United States. In her role, Anderson will oversee the Government and Community Relations; Communications, Marketing and Engagement; Board Administration; and ORCA ROOT teams. She will also oversee two new divisions: Innovation and Transformation; and Strategic Planning, Policy and Programs. Anderson previously served as the chief of staff and senior vice president of policy strategy and operations at the Silicon Valley Leadership Group. Anderson holds a doctorate in urban affairs and public policy from the University of Delaware and is also a graduate of Virginia State University (M.A.) and the University of Virginia (B.A). Sound Transit's next Link light rail extension is slated to open to downtown Redmond this spring, followed by connections across Lake Washington later this year and to Federal Way in 2026.