May 21, 2020

Ryan to renovate Mercer Island offices

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As the DJC first reported last month, Ryan Cos. paid over $46 million for the empty old Farmers Insurance headquarters on Mercer Island. Now the developer has confirmed that it'll give the building a makeover in the hopes of attracting a new tenant (or tenants). Ryan's Marc Gearhart said in a statement, “The investments we plan to make to this 1982 structure will modernize it for today's office user.” More significant is the likely redevelopment of the huge parking lot. He said, “We're also considering a residential use for a portion of the adjacent parking lot. We are excited to engage with the Mercer Island community to understand what we should consider when planning the next life for the property.” Outreach meetings begin this month. No architect has been named for a future residential component. Burgess Design is working on the office redo.

CoStar and Ten-X team up

CoStar Group announced last week that it would acquire the digital transaction platform Ten-X for $190 million. The cash deal combines two national players in commercial real estate: The publicly traded CoStar sells data and research, while Ten-X has grown from an online marketplace for distressed commercial properties into a hub used by all the nation's big brokerage houses. (The firm was launched in 2009 to help liquidate casualties of the Great Recession.) Ten-X will join LoopNet and many other real estate websites in being part of CoStar Group. Ten-X has room to grow. Its CEO, Steve Jacobs, said, “Today, only 1% of all commercial real estate sales transactions take place online. Just like CoStar Group, we are focused on driving volume and efficiency and have devoted ourselves to addressing the massive, untapped demand for digital commercial real estate solutions.”

May 14, 2020

Trent adds partners to Seattle Curtain project

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As the DJC first reported last month, an LLC led by Trent Development paid about $20 million for the old Seattle Curtain Co. building at 104 12th Ave. A new seven-story, 274-unit building is planned, designed by Clark Barnes. Now NorthMarq has announced that its Jake Leibsohn and Ron Peterson have arranged $45 million in joint venture equity for the project from Bridge Investment Group. Bridge, of Salt Lake City, joins with Hatteras Sky of Atlanta on the unnamed project. Local firm Trent is led by Trent Mummery and Patrick Ashman. W.G. Clark Construction will build the project. Mummery previously said they hoped to break ground this summer or fall. Blanton Turner will be the property manager when the building opens in two-plus years.

LPC West bolsters team

Rawi

Lincoln Property Co. announced an addition to its West Coast arm, aka LPC West. As senior VP, Omar Rawi will lead its mixed-use development efforts. He makes the move from Greystar. LPC West values its portfolio at $3 billion. Its biggest local project is the 53-story, 568-unit apartment tower planned at 800 Stewart St. It's also developing the future office building on top of U District Station for owner and future tenant the University of Washington.

Reynolds moves to Compass

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Compass announced that veteran broker Jeff Reynolds has moved over to its side of the aisle. He makes the move from Windermere Real Estate. He'll be based in Compass' Capitol Hill office. Separately, he'll continue to run his influential blog UrbanCondoSpaces.com.