Strong Absorption Means
Development Heaven
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Wright Runstad & Co is confident that strong office and multifamily numbers will extend Seattle's development winning streak. That's why we're excited to hear from them and other experts at our third annual Bisnow Seattle Construction & Development Summit beginning at 7:30am next Tuesday, Feb. 24, at the Renaissance Seattle.
Wright Runstad & Co president Greg Johnson, one of our speakers, tells us, "Absorption is the strongest we've seen in years and I think we'll see more of it before we see less. This bodes well for well-located office projects." Late last year, the Puget Sound Business Journal tapped Greg as Executive of the Year for 2014.
The company has no doubt about future prospects for well-located multifamily, either. Recently it modified its plans for its Rainier Square development, to add more stories of apartments to the top of the tower. All together the property will be two Downtown buildings, a 58-story apartment tower and a 12-story hotel, which will open in phases starting in late 2017 and early '18. Sign up here for our Construction & Development Summit.
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Top stories on Bisnow.com
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Port Problems Won't Dent Seattle Industrial
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Will the current labor fracas have a lasting impact on the industrial property market here? "The ports of Seattle and Tacoma are certainly economic drivers for the greater Puget Sound region, and we're hoping for a quick resolution to the latest labor dispute," JLL's VP-industrial/logistics Casey Trees tells us (he's snapped with VP-industrial/logistics Chris Spofford). That said, a prolonged work stoppage wouldn't be as punishing as in SoCal, Casey adds. Here's why: A majority of the product imported into Seattle/Tacoma never stops at warehouses in the region, but rather is sent by truck or rail to the Midwest. |
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So while a decrease in imports impacts employment and productivity of the ports, it isn't a one-to-one relationship with real estate demand, Casey explains. Port activity is important, but only one of many factors contributing to the health of the industrial market. As long as unemployment remains low, population growth and wages are strong, and Boeing continues building airplanes in the region, the Seattle industrial market should remain healthy. |
Facebook to Glom SLU Space
Facebook will lease eight full floors of the Dexter Station building (with the literal green roof in this rendering), 1101 Dexter Ave N in South Lake Union, the Puget Sound Business Journal reports, citing unnamed sources. That's 280k SF, or over four times what the social media company now occupies in Denny Triangle. With that much space, Facebook could put about 2,000 employees in Dexter Station, which is under development by Capstone Partners and Stockbridge Capital Group. |
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TreeHouse Comes to Seattle?
The sustainable home improvement store TreeHouse is the first-of-its-kind store to go national. TreeHouse co-founder and president Jason Ballard plans to open midsized stores in centers with co-tenants like those in his flagship Austin store: HEB Central Market, Whole Earth Provision Co and a movie theater. One of the first stores might be in the like-minded sustainability city of Seattle. Other possibilities are S.F., Boulder, CO, and Portland, OR (though no definite sites have been announced). Store offerings: non-toxic and energy-efficient building products, flooring made from recycled material, natural cleaners, LED lighting, solvent-free finishes, water-conserving cisterns and solar-energy systems. Jason also says the products will pass a screening process based on health impact, performance, sustainability and corporate responsibility.
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America's Most Expensive Apartment
to List at $150M
 The Chetrit Group will reportedly list the triplex penthouse at Manhattan's Sony Building at $150M, easily making it NYC's priciest home and briefly stealing the superluxe condo thunder from the new pencil towers redefining the skyline. Per The Real Deal, here's what $150M will get whichever LLC is lucky enough to claim the prize: 21.5K SF on the 33rd through 35th floors accessed by a private elevator, eight bedrooms, eight bathrooms and the requisite 10 powder rooms.
The elusive real estate investor Joe Chetrit was the lead buyer in a 2013 deal to scoop up the former Sony HQ at 550 Madison Ave for $1.1B. The record-breaking penthouse will tower over 95 other castles in the sky that all told should lead to a $1.8B sellout. That's not quite as lofty a figure as 432 Park ($2.4B) and One57 ($2B). But the penthouse price tag, if met, would eclipse the current Manhattan sales record of $100.5M One57 set late last year. The price also trails 432 Park in the per square foot category: $6,975 to $10,489 to that building's $130M penthouse.
Still, it comes in at No. 2 on the list of America's priciest homes, trailing only Jeff Greene's 53K SF Beverly Hills Xanadu.
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Starwood Hotels Chief Departs Amid Company Redirection
Starwood Hotels CEO Frits van Paasschen (right) resigned this morning, with the company's board saying the move came by "mutual agreement" but giving no further reason for the exit. Van Paasschen had held the position since 2007. Last Tuesday Starwood, which operates the Westin, Sheraton, W and St. Regis chains, among others, announced it would spin off its timeshare unit into a public company, leading to a 10% jump in early trading.
The executive shakeup comes amid a shift in focus toward property management for the hotel unit of Barry Sternlich's Starwood Capital Gruop. It recently sold the Sheraton on the Park in Sydney for $399M. And earlier today, The Real Deal reported that Starwood Capital had sold its remaining 49.9% stake in Manhattan's Hilton Garden Inn. Van Paasschen will be a consultant for the company while Adam Aron assumes the role of interim CEO. |
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New Bisnow Video:
The Art of Negotiation!
Three Reasons to Watch Our Latest Video, "The Art of Negotiation" with Dr. Peter Linneman:
1. If they don't let you expense it at first, you'll be able to negotiate that later.
2. Knowing how to negotiate your compensation will always be useful.
3. It may help you talk your way out of a parking ticket.*
(*Not guaranteed)
You'll also learn about how to negotiate a real estate deal. From learning what your opponent wants to getting what you want, Dr. Linneman explains more than just the basics behind the Art of Negotiation. Watch a sample here. (And check out all of our videos here.) Order yours, and for training program group licenses, email Will Friend at will@bisnow.com. |
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