When I worked for Waggener Edstrom in 2001, I learned we were going to be moving into a sparkly new office building in the Civica Office Commons in downtown Bellevue, Wash. It was exciting. After all, how often does one get to work in a brand new office building?
My anticipation was well founded. Civica Office Commons was beautiful and well thought out for the modern-day worker. The building had a large, light-filled great room with couches and coffee tables instead of a cold, sterile lobby, making it an ideal place to enjoy a cup of coffee or catch up with co-workers. I also liked grabbing lunch at the adjacent SeaStar restaurant or picking up a breakfast sandwich at Starbucks, both of which were conveniently accessible from the great room. In fact, I can safely say in my 20-year career I have never worked in a nicer building.
At that time, I knew little about Schnitzer West, the developer of the Civica Commons. Today, through Communiqué PR’s work for the developer, I know much more about Schnitzer West and its process of developing commercial, residential and multi-use properties. I have learned that projects span years and there is significant research that goes into understanding functional and efficiency needs well before design and construction.
I also know that part of Schnitzer West’s success stems from its financial strength, expertise with risk management, and skill with complex asset operations (e.g., the management of real estate) after a property is completed.
The people with Schnitzer West clearly possess an impressive array of core competencies, but what really sets them apart from the competition is their focus on creating value, which in turns leads to higher-quality properties and superior-to-market returns. Consider the recent sale of The Bravern Signature Residences and North Creek.
The Bravern Signature Residences are luxury apartments in Bellevue, Wash. With an occupancy rate of 94 percent, the apartments are home to entertainers, professional athletes and business people. Schnitzer West recently sold the towers, and according to our local media, the sale of the Bravern apartments set a record for the region.
In a separate transaction on the same day, Schnitzer West also sold North Creek, a collection of 11 office buildings in Bothell, Wash. With both properties, Schnitzer West had significant interest from multiple potential buyers.
The media coverage of these announcements paints a more complete picture of these sales and their significance. To date, there have been more than 10 articles written about the two transactions. Here are links to a few of the articles:
- Bravern apartment sale sets record for Puget Sound region
- Schnitzer West sells Bravern apartment towers
- Schnitzer West sells two Eastside properties for $476 million
- Schnitzer West sells Bravern towers and 11 Bothell buildings for a total of $475M
- Bellevue, Wash., Apartments Sold for Nearly $700,000/Unit
Clearly, Schnitzer West’s commitment to creating value was important to the sales of these properties, but in closing, I think it is also important to note that the proceeds from the transactions also will help our region for years to come.
For example, the city of Bellevue and Bothell each got a bump in tax revenue. Dan Ivanoff, managing investment partner with Schnitzer West, told me that Kevin Wallace, a Bellevue City Council member, called to thank him and the team with Schnitzer West for the excise tax paid to the city on sale proceeds. Dan and the Schnitzer West team also have explained in their press interviews that they will use the proceeds from these sales to continue funding the investment firm. This means jobs for construction works, research firms, architects and the like, not to mention we will all benefit from their results (e.g. better work and living spaces).