Met Partners

Specialty: Real estate advising and brokerage

Management:Partners Macgregor Miller, Jim Norman and David Ray

Founded: 2004

Headquarters: Seattle

Current projects:Working with Trinity Lutheran College to find a new site for the school, which sold its Issaquah campus; helping Mallard Bay LLC sell a 13-acre condo development site on the east side of Lake Sammamish; assisting Puget Sound Energy in finding office space to expand its call enter in Bothell

Macgregor Miller and David Ray spent five years at Trammell Crow Co. before starting Met Partners in 2004 with Jim Norman, most recently of Sage Real Estate Strategies.

Seattle-based Met Partners specializes in advising clients about complex real estate transactions, generally on a fee-for-service basis. It also does brokerage work.

Its clients are corporations and public institutions, primarily owners and users of real estate.

Office building prices up

Met Partners does a variety of assignments. For one Puget Sound region public entity, it came up with development scenarios for numerous sites it owns, looking at the cost and how successful each development might be, said Miller.

It also has advised owners in negotiations involving determination of rents under long-term ground leases that have to be reset. And it has assisted in selling surplus property and in acquiring property and leasing space.

Miller said that in the last few years the prices of office buildings in the Seattle area have jumped dramatically, with some being sold and then resold for substantial profit in a short time.

“The values have increased so much and are at such a level that you wonder can they possibly continue to go up,” said Miller.

Where’s the large spaces?

In the leasing realm, Miller said there aren’t a lot of large office spaces available in downtown Seattle in the “top-flight” buildings. In the near term, that’s going to cause rents to go higher, given the tight vacancy now, he said. In the longer term, it means more office construction.

Miller said he believes that while 1.8 million square feet of office space is slated to come online in the near future in Bellevue, rents will not decline.

“(Rents) will rise in Bellevue because the people who are building those new buildings are disciplined” and “they’re going to hold out for reasonable rents.”

At Trammell Crow, Ray headed up a team that managed the non-hospital portfolio for Swedish Hospital. Miller was a broker. Norman owned the Norman Company for 22 years, sold it to Trammell Crow, worked there for a while and then started Sage Real Estate Strategies, which is now defunct.

Copyright ©2005 Seattle Daily Journal and DJC.COM.
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