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Real Estate Bisnow (Seattle)

Restaurant Boom!

Today, super chef Matt Dillon opened his sixth glam eatery. Seattle's dining renaissance is not just good for taste buds, but for real estate and city revitalization. And that's why we're holding a big event with celebrity chefs, real estate folks, and local officials on March 19

We snapped Matt yesterday afternoon putting finishing touches on London Plane in Pioneer Square. (Named after the kind of trees on Occidental Avenue and a bigger version of a teaser space he opened last summer down the street.) We're thrilled to be hosting Matt as well as Tom Douglas, Ethan Stowell, Renee Erickson, and “Chef in the Hat” Thierry Rautureau for the Bisnow Restaurant Development Summit March 19 at the Triple Door under Wild Ginger, co-hosted by that restaurant's founder Rick Yoder. It will also feature uber-developer Matt Griffin and other top commercial real estate players to be announced. More info.

Using the theme as an excuse to try our panelists' offerings, we had lunch yesterday at Etta's, Tom Douglas' second restaurant established 20 years ago. It's best known for its seafood, but we decided to be different and order a melted cheese and burger—they were (honestly) they best we've ever had anywhere.

And we had dinner last night at Ethan Stowell's Tavolata—the amazing pasta place he created seven years ago in Belltown, and which we snapped full of life at 8pm on a Wednesday night.

Orion Commercial (MeetTom)
CohnReznick (Funds2) SEA

New VC to Target Green

Will Seattle soon be known as a hub for sustainable building tech? These entrepreneurs hope so. Nitze-Stagen & Co and Daniels Real Estate have teamed up to create a VC firm, Nitze-Stagen Capital Partners (NSCP) to specifically focus on sustainable products and services for the building industry. A lot of promising new technologies are focusing on low-impact built environments, and the company wants to invest on the best of these, Nitze-Stagen VP Peter A. Nitze, who's heading NSCP, tells us. (He's snapped above, right, with Daniels prez Kevin Daniels and Nitze-Stagen chairman Peter P. Nitze.)

The promise of sustainable tech is more than just new materials—think digital lighting or new kinds of glass or wood—but also a host of systems: environmental controls, water recycling, security, and more. Though a lot of progress has been made on sustainable tech in recent years, much room for improvement remains—and Seattle has a growing amount of talent in sustainable tech, but not quite as much seed capital. Over the next 12 to 18 months, Peter says, NSCP hopes to invest in three or four new sustainable tech companies.

CohnReznick (Funds) RSEA
REFM (Valuate) SEA
Bisnow (3/19) SEA

This Morning's Construction &
Development Summit

We packed 'em in this morning (325 attendees) at Bisnow's Seattle Construction & Development Summit at the Four Seasons. Above, Seattle Convention Center CEO Jeff Blosser described major expansion plans for the city's current 210k SF facility, in our theater-in-the-round setting (which keeps some people expecting that Thai kickboxing will break out at any moment). Seattle considers itself the next San Francisco and is getting ready. We'll have full coverage of the summit in our next edition.

Event sponsors Riley Group, a geotech engineering firm, tells us that a rapidly emerging aspect of sustainable building involves the very ground structures are built on. The soil not only supports the foundation for the building, but can be used for other aspects of development, according to principal Paul Riley (snapped with principal Ricky Wang). Developers need to know, for example, whether the soil can be reused for structural fill. But other questions remain: Is the soil suitable for infiltration or other green designs in storm water management? Is it contaminated? Is it a dig-and-haul, or are cutting-edge remediation technologies an effective cleanup method?

Bury (Vision) SEA
Bisnow (Niche-White) HALF

A Good Time to Sell, Provided...

Now's the time to sell commercial real estate assets—if the properties are ready, that is. Recently, Seattle-based Metzler Real Estate sold the three-building, 305k SF Bellevue Park Corporate Center in Wilmington, Del. to the Buccini/Pollin Group for more than $61M. The time was right because the well-located Delaware property is now occupied by with creditworthy businesses on long-term leases, Metzler CEO Don Wise tells us. The deal comes on the heels of a sale by the company late last year of the 323k SF 3800 1st Ave S in Seattle for nearly $39M to JLL Income Property Trust.

Such properties are currently in strong demand among sophisticated investors, making now a good time to capture the value owners have created, Don says. By securing long-term leases with national tenants, he says, Metzler stabilized the project at 98% occupancy in a competitive market characterized by 88% occupancy. Metzler sold the property on behalf of its sponsored fund, Metzler US Real Estate Fund, which reps German institutional investors. 


Rockin' Out

Sandy Chapin (whom we snapped yesterday at Starbucks) has a full plate of activities. For starters, she's 2013-14 Seattle chapter president of the Society for Professional Marketing Services. Fresh off a luncheon on public-private partnerships at the Harvard Club in Bellevue, she was planning to see AGC's Sean Lewis perform in a band last night at the Hard Rock Café. But the Wyoming native and Snohomish resident also has a main job: communications and marketing manager at Sparling. Like they say, if you want something done, ask a busy person.


YOU SAID IT:
Bring Fido to Work

Wow. Now we know what topic really gets people excited. Over 900 readers responded, with 54% in favor of welcoming pets in commercial buildings. The reasons? They boost morale, increase productivity, and allow employees to work longer hours without worrying about leaving Fido home alone. "Our office campus in Dallas has a campus dog and everyone loves it," says one respondent. "Tenants can schedule 'office visits' with him." The rest gave a resounding "no," citing allergies, uncleanliness, unwanted distraction, and potential aggression. One landlord says some of the early adopters of the "pets allowed" policy, including large Silicon Valley employers, are having second thoughts after discovering the responsibilities involved. (Dog bytes man?) We'll have full survey results in Friday's national Property Management e-newsletter (subscribe).


Why did the Great Woolly Mammoth cross the road? Because they didn't have chickens in the Ice Age. Kudos to AMLI for allowing the preservation of that mammoth tusk recently. Send ideas and suggestions to dees.stribling@bisnow.com.

 
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