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July 23, 1999

Real Estate Buzz

By MARC STILES
Journal Real Estate editor

How does a burgeoning online grocer survive? By finding a big warehouse near its customer base to ensure prompt delivery. And that brings us to the rumor of the week:

A & M Warehouse Inc., has assigned its lease at Benaroya's Park 405 in Renton to HomeGrocer.com. Bellevue-based HomeGrocer apparently will take a 312,800-square-foot lease for eight years but will sublease 206,800 square feet back to A & M initially, according to our source. This would leave them with 106,000 square feet and room for expansion as the company grows.

While HomeGrocer declined to confirm the deal, a company spokesperson said: "It sounds like the details you have are probably pretty accurate, but nothing's been signed or confirmed so they really don't want to make any comments on specifically going into Renton right now. They are close to hopefully finalizing something."

The Trammell Crow Co., has beefed up its Southend industrial leasing team by luring brokers Mike Roy and John Hanson from CB Richard Ellis. Their new boss, Nick Cassino couldn't be happier.

He said he had tried to recruit the pair for some time. Roy and Cassino had worked together at CB Richard Ellis, where Roy and Hanson were a team. "CB was reluctant to let them go, but they left on good terms," Cassino said.

"By bringing these two guys we have a very experience team," Cassino added. "I'd say we stack with anybody's group."

Immunex has taken down a big chunk of new space: 58,404 square feet in Expeditors International of Washington's 1015 Third Avenue Building, to be exact.

Officials at Immunex apparently are not interested in discussing why they took the space. A call to Seattle's largest biotechnology company received no response.

Colliers International brokers Charlotte Loveland and Mike Dash were the landlord's representatives in the deal, and David Alexander of Alexander Commercial represented Immunex.

Speaking of Immunex, the $37 million Banaroya Research Institute at Virginia Mason on Seattle's First Hill is complete. The public will get its first glimpse at a Sept. 17 grand opening.

Immunex is renting the third floor of the new research center; the Virginia Mason Research Center will occupy levels one, two and a portion of the sub-ground level; and there are rumblings that the fourth and final floor is about to be leased, according to a reliable source. But no details have been announced.

Opus Northwest is going great guns on its high-profile Opus Center @ Union Station office project in Seattle. The developer will celebrate the topping out of the 9-story Opus Center West and the 4-story Opus Center East with a private party on Tuesday. Top hats will be provided.

The National Association of Industrial and Office Properties is bringing in some big names for its annual conference to be held at the Seattle Sheraton Hotel & Towers Oct. 5-8. James A. Baker will be the keynote speaker. The former secretary of state will talk about the federal elections in 2000. Timothy Callahan, president and CEO of Equity Office Properties Trust, will give a speech on topics ranging from e-commerce to retaining employees. And Rocky Bleier, former professional football player with the Pittsburgh Steelers and author of "Fighting Back," which was made into an ABC-TV movie, will give a motivational speech.



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