Mar 05, 2020

Take a tour of Rainier Square

If you're a member of the ULI's Young Leadership Group, circle the date in your calendars. March 26 will offer a members-only peek inside Wright Runstad's 59-story Rainier Square mixed-use tower, which is nearing completion downtown. (The main tower crane just came down; and a new tower crane is going up at the smaller companion office building site on the same block.) The event begins with lunch at 11:15 a.m., and attendees are encouraged to bring their own protective gear (boots, vests, hard hats and the like). Details and registration: northwest.uli.org.

Realogics turns 10

Jones

Realogics Sotheby's International Realty can now count 10 candles on the cake. Dean Jones said his brokerage just celebrated its 10th anniversary. “Looking back, our story is one of vision, passion and momentum — evolving from a start-up of just a few change agents willing to challenge the industry status-quo, to becoming one of the most-respected real estate brands in the region,” he said. The firm now counts about 277 licensed brokers and 55 employees. The firm grossed more than $1.65 billion in sales last year. Jones said the firm is now advising more than $1.5 billion in new condominium developments now in planning. It has offices in downtown Seattle, Bainbridge Island, Kirkland, Madison Park and downtown Bellevue.

Engel & Volkers opens in Federal Way

Record

International luxury brokerage Engel & Volkers announced a recent expansion to Federal Way. Mackenzie Record and her Record Real Estate are partnering with E&V, which mainly sells high-end residential properties — plus assets like yachts and planes. E&V now boasts about 20 agents in the Puget Sound region. Its Anthony Hitt said in a statement, “The Pacific Northwest is a key market in our expansion plans across the Americas, and we're thrilled to open another shop in Washington.” Record added, “The brand provides a distinctly different and fresh approach to real estate, where luxury isn't defined by price point, but rather by a level of service.” The firm is based in Hamburg, Germany.

(Editor's note: Errors in the story have been corrected. Other existing Engel & Volkers franchises in the Seattle area have different ownership and are not affiliated with the Federal Way shop.)

Feb 27, 2020

Keller Williams adds new broker

Keller Williams announced the recent hiring of broker Miles Cohn, who makes the move from Realogics Sotheby's International Realty. KW's Angie Mykel said in a statement, “Miles is a true collaborator. His experience with investment properties is valuable, he's got great insight to the market.”

REIT says it loaned $35M to restart project

After construction stalled in 2018 on the 186-unit Hailey in downtown Tacoma, original developer HQC USA LLC and new partner Cypress Equity Investments were able to restart the project last fall. Now we know the source of financing for the U.S. arm of Vietnamese conglomerate Hoang Quan Group.

Miami-based 3650 REIT announced that it provided a $35 million loan to complete the project, which was designed by Studio19 Architects and is being built by Rush Commercial. Completion is expected in early 2021. Matt Fisher of JS Coats Capital brokered the deal.

HQC's Peter Truong said in a statement, “The Hailey's prime location directly adjacent to the Tacoma Public Library in the center of downtown made it an especially attractive investment opportunity.”

Promotion, spate of new tenants for Bridge

Hurwitz

Bridge Development Partners has leased over 207,000 square feet to four tenants, the company announced. They are: Reflexxion Automotive Products, with 33,476 square feet at Bridge Point Lacey; A&E Relocation Services, with 44,528 square feet lease at the same facility; Palmer Johnson Power Systems, with 31,859 square feet at Bridge Point Sumner 60; and Spicers Paper, with 97,522 square feet at Bridge Point Kent.

In addition, Bridge has promoted Andrew Hurwitz to senior director; he'll now oversee all leasing, acquisitions and development.

Sidor appointed to state commission

Sidor

Kidder Mathews announced that its Stan Sidor has been appointed to a six-year term on the Washington State Real Estate Appraiser Commission. That commission advises the state Department of Licensing and the state Legislature. The industry veteran and valuation expert also leads the local chapter of the Appraisal Institute.