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How a Seattle Building Became 2022’s Biggest Multi-Tenant Deal So Far

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How a Seattle Building Became 2022’s Biggest Multi-Tenant Deal So Far


For Boston Properties, the price of enlargement within the Seattle market was a lot increased than the preliminary buy-in. 

The corporate, one of many largest workplace landlords in the US, accomplished its second acquisition in Seattle final month when it acquired Madison Centre for $730 million, or $960 per sq. foot, from a three way partnership of Barings and Schnitzer West. Newmark’s co-head of U.S. capital markets, Kevin Shannon, brokered the sale, which he referred to as the most important multi-tenant workplace sale within the nation yr thus far.

“The property was stabilized, and there have been lots of people that inquired off-market,” stated Shannon. “The depth of funding capital that chased this asset displays the conviction capital has within the fundamentals of the Seattle workplace market. Workplace-using job progress is phenomenal on this market, and its tech and life science drivers are engaging.”

Boston Properties entered the market final July when it spent $465 million, or $567 per sq. foot, to accumulate Safeco Plaza, a 50-story, 800,000 square-foot tower a block away from Madison Centre.

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“After exploring the Seattle marketplace for fairly a while, we have been thrilled to accumulate Safeco Plaza final yr as our preliminary flag available in the market,” Kelley Lovshin, Boston Properties’ vp of the Seattle area stated in an e mail. “The variety of firms which can be headquartered right here, the optimistic inhabitants progress, and quick access to expertise make Seattle a dynamic and fascinating location.”

The corporate acted like an all-cash purchaser. It funded the Madison Centre acquisition with a one-year, $730 million time period mortgage, however anticipates finally funding the acquisition by way of incremental asset gross sales structured as like-kind exchanges or three way partnership fairness, based on its first-quarter earnings report. Total, the corporate tasks promoting $700 million to $900 million in belongings throughout 2022.

“Debt consumers are being impacted by rates of interest,” Newmark’s Shannon stated. “All-cash consumers are taking benefit to seize an outsized share of offers proper now. They gravitate in the direction of trophy markets and belongings.”

The 37-story Madison Centre was accomplished in 2017 and authorized LEED Platinum by the U.S. Inexperienced Constructing Council. It was Fitwel Viral Response-certified in 2021. At $960 per sq. foot, Shannon estimates the worth at barely under alternative price as building prices on an identical constructing would presently be about $1,000 per sq. foot. Moreover, the constructing was grandfathered in on some constructing codes that present extra financial savings in comparison with new developments. 

Regardless of the Pacific Northwest’s penchant for rain, facilities embody a rooftop deck with panoramic views. Tenants may make the most of communal and personal assembly areas resembling an important room with a three-story fire and a dwelling wall, a convention/coaching heart, a boardroom, and a library. Washington Athletic Membership operates a 5,700-square-foot health heart within the constructing, and Amazon Go runs a cashier-less market on the bottom flooring. The world is fascinating because of glorious entry to highways and public transit, and is adjoining to the long run extensions of the East Hyperlink Mild Rail.

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Along with being main company headquarters for Microsoft, Amazon and Nintendo, Seattle has attracted greater than 100 out-of-town know-how firms which have expanded into town over the previous decade, based on trade tracker Geekwire. 

“Now we have nationwide relationships with many of those purchasers, and we stay up for deepening {our relationships} with them with our enlargement within the Seattle area,” stated Lovshin.

Tenants embody know-how {and professional} service firms resembling leisure agency Hulu, accounting agency E&Y and headquarters for regulation agency Davis Wright Tremaine. On the time of acquisition, it was 93 p.c leased to twenty firms with a weighted common lease time period of seven years.

Madison Centre was accomplished practically a decade after the location was acquired by developer Schnitzer West. The unique workplace plans stalled in 2008 because of the nice recession, however building moved ahead in 2014. The intersection the place the constructing is situated was fully reworked over the previous a number of years.

The close by F5 Tower at 801 Fifth Avenue leased everything of its 516,000-square-foot workplace portion to F5 Networks in 2018 at a beginning price of $40 per sq. foot yearly, which is able to improve to $56.52 per foot by the top of its 14.5-year lease, based on Securities & Alternate Fee filings. South Korean resort model Lotte operates a 189-room resort in that constructing’s decrease flooring.

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Though the Seattle market suffered pandemic-related job losses, it bounced again faster than different coastal markets closely dominated by tech firms resembling San Francisco. Asking charges have been $51 per foot as of the primary quarter within the Seattle CBD submarket the place Madison Centre is situated, based on Newmark’s workplace market report. That’s down by 1.1 p.c from the primary quarter of 2021, however up about 10 p.c from 5 years in the past. Tech employers added 16,000 jobs over the previous two years within the better Seattle space, and the area’s unemployment price dropped under 4 p.c in February 2022 after spiking to 16.6 p.c in April 2020.

With the addition of this constructing, Boston Properties’ portfolio totals about 54 million sq. ft throughout 200 properties in Boston, Los Angeles, New York, San Francisco, Seattle and Washington, D.C. Eleven of these properties are beneath building or being redeveloped.



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Seattle, WA

How a book brought long-lost Seattle-area cousins together

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How a book brought long-lost Seattle-area cousins together


The book that brought a family together was titled, appropriately, “We Are Not Strangers.”

Jan Rogers, a retired marketing and product manager living in Issaquah, was intrigued when she saw a story in The Seattle Times last October about an upcoming author event. The book, a graphic novel about a local Sephardic Jewish immigrant who helped safeguard the homes and businesses of Japanese American friends in forced incarceration during World War II, sounded fascinating — but she was most drawn by the author’s name, Josh Tuininga. Jan, whose surname before marriage was also Tuininga, wondered if he might be a relative, perhaps the descendant of some cousins she hadn’t seen in a long time. Though Third Place Books in Lake Forest Park was a long drive from home for her, she knew she needed to go and find out.

Around that same time, a little over 30 miles away in Edgewood, Pierce County, Holly Tuininga showed The Times article to her husband, Gary Tuininga. He definitely didn’t know a Josh Tuininga — “I thought, ‘Who the heck is he?’” Gary remembered — but wondered if this might be that branch of the family that he’d always heard about but never met. “We would call them the Everett Tuiningas,” Gary said. There had been a falling-out in the family, several generations ago, though he didn’t know much about it. But he was intrigued enough that he and Holly ventured up north of Seattle on that October evening, wondering what they might learn.

Fast forward to June 2024, and a laughing group of cousins are gathered at Jan’s home (“Hi, cuzzes!” says one, upon entering): former strangers now kin, happily interrupting each other in the way that families do. Jan, remembering that evening at Third Place last fall, said she introduced herself to Josh after the event and quickly learned that his father, Ron Tuininga, was indeed a cousin she hadn’t had a conversation with in 50 years. “Ron turned around and I recognized him, as this little boy I used to babysit for.” While they were happily reconnecting, Holly approached. “She said, ‘I’m a Tuininga too! You’ve got to meet my husband!’ So she drags me over to meet Gary,” Jan said. “I had never met these people in my life. I didn’t know they existed.”

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Jan and Ron are first cousins; they are second cousins to Gary, with whom they share great-grandparents. There were, indeed, two branches of Tuiningas in the Northwest who, until recently, had no contact with each other, due to a rift in the family more than 100 years ago. The current generation has been able to piece together the story: Jan, Ron and Gary’s great-grandparents lived in Wisconsin, where they owned a large farm and a timber mill; their family had emigrated from Friesland (a Dutch province) in the 19th century. Two of their sons, Albert and Charles, became engaged to a pair of local twin sisters, Verlie and Viola Aue, sometime in the early 1900s. And … well, it seems the path of true love did not run smoothly.

“The two girls didn’t like each other — they were constantly bickering and fighting,” said Bob Tuininga, also a first cousin of Jan and Ron, and known as the family historian. The rumor in the family, passed down over generations, is that there was some canoodling going on before the couples married, and that the Tuininga boys and Aue girls switched partners briefly before getting back together. Verlie became pregnant, and she and Albert were married quickly in a shotgun wedding, sometime around 1905. Verlie’s father, Bob said, gave them some money and told them to go away for a year, because of the shame attached then to a pregnancy obviously conceived outside of wedlock. They bought tickets to the end of the railroad, Bob said, “and the end of the railroad in those days was Everett, Washington.”

Eventually settling in the Arlington area, Verlie and Albert had 11 children. Bob’s father was their firstborn, Jan’s father was the fourth, and Ron’s was the 10th. Those cousins knew each other growing up — Ron remembers Jan as his “cool” babysitter — but they mostly drifted apart in adulthood, living in separate cities, busy with their lives. And they had no idea of the other branch of the family: Verlie and Viola’s feud ran deep.

Gary knows less about his grandparents’ history, just that Viola and Charles married and made their way to Hope, Idaho, where they had six children and Charles worked in the lumber business. Gary’s father and uncle eventually came to the Seattle area, settling south of the city. They knew about the Everett branch of the Tuiningas, Gary said, but nobody ever made an attempt at reunification, on either side. “You just kind of go along with what your parents are doing.”

Now, the reunited cousins gather frequently and are finding all kinds of similarities between them. Jan and Gary, it turns out, were born on the same day, and have shared similar health challenges. Josh and his wife, Lisa, have twin girls — a present-day echo of Verlie and Viola, though presumably much more amicable. And all of them have something in common: “When we make a dinner reservation, we turn into Smiths,” said Gary. (Josh’s family uses “Turner” in situations where it’s not worth instructing someone on how to pronounce and spell “Tuininga”; Bob uses “Dean.”)

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Josh spent much of that June gathering quietly smiling — clearly still processing that his book, with its themes of making connections during times of conflict, had such a resonant impact in his own family. His teen daughters have been texting with Gary’s granddaughter — another link between the generations. The ugliness of a long-ago feud has faded away, leaving only laughter and kinship.

Jan’s home, Holly said, has become “the Tuininga clubhouse,” where the family gathers, tells stories, learns more about each other. “It’s just this attraction, like magnets,” said Gary. “From not even recognizing each other or knowing anything, we just came together and fit nicely.”

Jan described the “wonderful, warm, heartfelt kind of feeling” of knowing a new branch of her family, made “doubly wonderful” by the fact that not many of their generation remain: “It touches my heart, big time.” Around the coffee table, a group of Tuiningas murmured agreement, their voices seeming to blend as one.



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Seattle Weather: Toasty temperatures and sunny skies Friday

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Seattle Weather: Toasty temperatures and sunny skies Friday


It was a beautiful evening on the first day of summer, with a sunset at 9:10pm today!

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We saw temperatures reach the mid to upper 80s for some of the warmest spots this afternoon! We will see temperatures even a few degrees warmer Friday! 

TODAY HIGH TEMP (FOX 13 Seattle)

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Skies this evening will be calm and clear with a very early sunset — 5:11am Friday Morning. 

Tonight skies will remain clear and mild. Overnight lows will be well above average around the Seattle metro. 

Regional Overnight Lows  (FOX 13 Seattle)

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Highs will peak Friday with temperatures reaching the mid 80s around Puget Sound. Skies will remain sunny all day as well. 

Regional Highs Tomorrow 

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Saturday we will slowly start to see the high pressure ridge move east, lowering our afternoon highs back to the upper 70s. An upper level low from the Gulf of Alaska will drop in Sunday, dropping highs back into the upper 60s. Sunny and nice for the first part of the week, the next chance of a few showers will be around end of next week. 



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What makes Seattle Seahawks' new D a 'conundrum' for QBs

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What makes Seattle Seahawks' new D a 'conundrum' for QBs


When they take the field this fall, the Seattle Seahawks will sport one of the most cutting-edge defenses in the league.

Seahawks busy learning Mike Macdonald’s ‘really creative’ defense

New head coach Mike Macdonald is considered one of the game’s brightest defensive minds, with a creative and versatile scheme that achieved immense success during his two-year run in Baltimore. As the Ravens’ defensive coordinator last season, Macdonald’s defense became the first in NFL history to lead the league in points allowed, sacks and takeaways.

What makes Macdonald’s scheme so difficult for opposing quarterbacks? NFL Network analyst Brian Baldinger explained during an appearance Wednesday on Seattle Sports’ Brock and Salk.

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“The quarterback is always looking to get a pre-snap read on where the defense is gonna be,” Baldinger said. “They look at the safeties – where are the safeties? Where’s the rotation? Is it a zone? Is it man? (In most defenses), the safeties kind of give a lot of things away.

“But not in Mike’s defense. The quarterbacks generally won’t know what you’re doing until the ball is snapped. They have all the (different types of) defenses. They can blitz and they can play man. They can do all those things, but you won’t know until the ball is snapped.”

One key aspect of Macdonald’s defense is a unique type of matchup zone.

“This matchup zone, they sit on top of these route combinations and the quarterback is sitting there and they’re like, ‘That guy’s in a great position to make this play, let me go to my next read.’ And next thing you know, the rush is on them. That’s why the Ravens led the league in pass-rushing sacks last year. The quarterbacks were forced to hold the ball.

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“It’s a defense I believe that is going to kind of transcend what teams are doing in this league right now. I think a lot of teams are gonna look at what Mike did last year and try to copy it. … It was a conundrum for most quarterbacks all year long.”

During his Blue 88 segment Thursday, former Seahawks quarterback Brock Huard elaborated on what Baldinger said.

“This is a different animal, man,” Huard said. “This scheme is different. This scheme is reacting to the fronts, to the formations, to the pattern reading of the assignments. … And then at the snap, (opponents) are gonna be like, ‘Oh gosh, what are they doing here? Is this three over two? Is this four over three? Is this quarters? Are they rotating?’

“Like, they don’t give tells. There is not a tell to be had. They are a really good poker player. Macdonald’s defense (is) some of the best in disguising it. You can just ask (Seahawks quarterback Geno Smith) with that nightmare of a trip to Baltimore last season.”

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Listen to the full conversation with NFL Network’s Brian Baldinger at this link or in the audio player near the top of this story. Listen to the full Blue 88 segment on Brock and Salk at this link or in the audio player near the bottom of this story.

More Seattle Seahawks coverage

• From Jamaica to Seattle: The Seahawks’ new ironman left guard
• Seahawks’ Tyler Lockett: How Carroll and Macdonald differ
• The biggest position battle on Seattle Seahawks’ O-line
• Moving around: How Seahawks’ D-line is fitting into new scheme
• After standout spring, JSN primed to be ‘massive piece’ of Hawks’ offense

 

 

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