Apr 24, 2014

KBS signs tenants at Bellevue office park

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Ridgewood Corporate Square in Bellevue

KBS Realty Advisors of Newport Beach, Calif., brought in two new tenants at Ridgewood Corporate Square in Bellevue. Nuclear energy technology company TerraPower signed a lease for 22,965 square feet. Scott Davis of CBRE represented KBS and Pete Hollomon of CBRE represented TerraPower. Union Community Partners, a San Jose-based real estate company, signed a 7,000-square-foot lease. Davis represented KBS and David Miller of CBRE represented Union Community Partners. Ridgewood Corporate Square has 240,518 square feet and now is 98 percent leased. KBS recently paid $186.36 million for the Plaza Buildings, two office towers in downtown Bellevue.

Security Properties buys Las Vegas apartments

Seattle-based Security Properties said it bought a 192-unit apartment building in Las Vegas called Desert Shadows for $23 million. This was the second purchase through Security Properties Multifamily Fund II. Desert Shadows was built in 2007 as condos and is on West Charleston Boulevard, about five miles from the Las Vegas strip. Security Properties' in-house property management company Madrona Ridge Residential will manage the building. Security Properties plans a $1.1 million renovation. Security Properties has acquired or developed nearly 69,000 units in 483 properties in more than 40 states.

HFO founder starts new Portland company

Tim O'Brien, founding partner at the apartment brokerage firm Hagerman Frick O'Brien, has started a new company called Urban Asset Advisors in Portland. It will develop new apartments and redevelop existing buildings into creative office space. O'Brien said the new company will emphasize managing and improving assets, rather than brokering sales. O'Brien teamed up with Cody Hagerman and Greg Frick 15 years ago to start HFO, which focuses on apartments in Oregon and Washington.

Apr 17, 2014

Ramirez joins Kidder Mathews

Ramirez

Nicholas Ramirez has joined the south Seattle office of Kidder Mathews and will specialize in industrial leasing and sales. Ramirez worked as a campaign manager for Bellevue City Councilmember Lynne Robinson and was a field organizer for U.S. Rep. Suzan DelBene, D-Medina. Kidder Mathews has more than 450 employees in nine offices in Washington, Oregon, and California. Annually the firm works on $2.9 billion in transactions, manages 29 million square feet and conducts 1,300 appraisals.

Vatske leads HFC multifamily division

Vatske

The Washington State Housing Finance Commission hired Lisa Vatske to run the Multifamily Housing and Community Facilities division. Vatske brings more than 20 years of experience in housing and community development. She works as a program manager at the Office of Refugee and Immigrant Assistance under the state Department of Social and Health Services. Vatske starts May 1, replacing Steve Walker, who left the commission in January to lead the Seattle Office of Housing for Mayor Ed Murray. The commission has financed more than 97,000 low income apartments statewide.

CBRE gets financing for KBS deal

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CBRE Capital Markets' debt and structured finance team, led by Val Achtemeier, arranged $141 million in financing for KBS Strategic Opportunities real estate investment trust, which bought Plaza Center and US Bank Plaza in Bellevue this year for $186 million. Beacon Capital Partners of Boston is the seller. CBRE secured a $111 million loan from Wells Fargo and a $30 million mezzanine loan from Principal Capital Management. Plaza Center is a 16-story structure at 10900 N.E. Eighth St. The 10-story US Bank Plaza is at 10800 N.E. Eighth St. Both are LEED silver and 82 percent leased.

Moravia moves office to Seattle

Moravia, a firm based in the Czech Republic that provides translation and localization services for global companies, said it has more than doubled its presence in the Seattle area. Moravia moved its local office from a 1,380-square-foot space in Factoria to a 4,650-square-foot space at 2033 Sixth Ave. in Seattle. The company has grown from 12 local employees at the end of 2013 to 26, and plans to continue hiring.