| If you needed an example to justify John and Norm's idea that picking things up in a fire sale isn't a bad thing, look at the Russell Investments Center, which Northwestern Mutual of Milwaukee sold late last week for a whopping $480M to California's CommonWealth Partners. The deal, reportedly the largest office sale on this side of the Rockies in six years, was brokered by CBRE vice chairman Kevin Shannon; Northwestern Mutual bought the 42-story building for a $115M song in 2009 from JP Morgan Chase. Russell, a subsidiary of Northwestern, moved downtown from Tacoma to fill the void after Chase got the building in its acquisition of WaMu, and the stylish 890k SF glass structure has since attracted the likes of Nordstrom and Boeing as tenants. |
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