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November 13, 1998

Real Estate Buzz

By MARC STILES
Journal real estate editor

All along the ... waterfront?

The Experience Hendrix people are said to be looking for space for a restaurant somewhere along the waterfront. One rumor has them looking at Pier 70, which Triad Development is renovating.

Experience Hendrix is a family company that controls the name and music of legendary rocker Jimi Hendrix, whose classics include "Purple Haze" and "All Along the Watchtower." Officials from Experience Hendrix could not be reached for comment, and Daniel Ramras, Triad's manager of the Pier 70 project, said he could not discuss the rumor.

Ramras did, however, say that Triad is talking to a party interested in offering dinner cruises that would leave from what Triad officials hope one day is a neighborhood pier with destination restaurants and other entertainment businesses.

With no financing, no permits and no announced tenants, the development has a ways to go. Ramras isn't sure when the project will be done. Only the city's Department of Construction and Land Use knows that, said Ramras, who added the goal is to start construction in April.

Getting close... The first letter of intent has been signed for space at Highlands Campus Tech Centre, which Bedford Property Investors is building in Canyon Park. Word is that it's an international biotech company.

Neither Scott Davis of CB Richard Ellis, who is representing the biotech firm, nor the Broderick Group's Paul Jerue, who is marketing the building for Bedford, could comment on the rumor. Jerue, however, said he has gotten nibbles from a handful of potential tenants including an aerospace firm.

Foushee and Associates is building the development. The first phase of the $22.3 million, office/tech project includes two buildings to be completed in April with initial occupancy projected for May.

Staying close to home... Two months ago Nitze-Stagen Chief Operating Officer Kevin Daniels said his firm was interested in helping develop the South Lake Union area. Given Nitze-Stagen's relationship with Paul Allen, who owns 11 acres in the neighborhood, the possibility made sense.

But that's changed now that the University of Washington apparently has cast its lot with Schnitzer Northest and Vulcan Northwest. The UW tentatively selected Schnitzer and billionaire Allen's Vulcan Northwest to develop space for a proposed bio-medical research facility in an old warehouse called the Rosen Building. Allen owns the 48,000-square-foot building at the northwest corner of Terry Avenue North and Republican Street.

How does that affect Nitze-Stagen's plans? "It doesn't," said Daniels.

Nitze-Stagen will continue working in neighborhoods closer to home such as Pioneer Square and the International District -- where it is working with Vulcan to develop Union Station and SODO where it developed the Starbucks headquarters.

Daniels said, "We are still looking under rocks" in those areas, "but we haven't got anything circled yet."

Immunex deal in works... Immunex may be interested in leasing the third floor of the $32 million Benaroya Research Institute at Virginia Mason, according to sources.

Virgina Mason spokesman Chris Schneider said the third floor of the institute could go to Immunex if Seattle's largest bio-tech firm "chooses to go with us, but in terms of a lease I don't have any information."

Immunex spokeswoman Cathy Keck Anderson said the company had no comment on the rumor but said the growing company is running out of space at its current facilites across the region.

The institute is being built next to the Virginia Mason Medical Center at Ninth Avenue and Seneca Street, and will include more than 100,000 square feet of lab space. The Virginia Mason Research Center is to occupy levels one, two and a portion of the sub-ground level. Should Immunex sign on for the third floor, only the fourth would remain at the center that is to be completed early next year.

Oh so close... Commercial real estate veteran Bill Albright, who has been named vice president of E&H Properties, could neither confirm nor deny the rumor that a Utah state pension fund is bankrolling E&H's Bellevue Tech nology Tower.

Albright said E&H is "very close" to getting financing and that company officials had some key meetings set for today to discuss the issue.

E&H President Eugene Horbach said Albright will manage all sales and marketing programs for the 379,000-square-foot development at 108th Avenue Northeast and Northeast Fourth Street.



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