Real Estate Strategy/Property Management
Our expert was engaged by the Oregon Public Employees Retirement System to assess the 6th and Pike Tower building in Seattle and make recommendations on how to reposition the building and with the objective of fully leasing it in a deteriorating rental market. This engagement included taking an ownership role with complete management responsibility. The building was renamed the 520 Pike building as part of the repositioning strategy and was largely an unleased building, which, at the time, was outside the downtown Seattle core. In further response to the repositioning need, the lobby was renovated as well the exterior and entry of the building. The parking and building reception areas were integrated and a complete amenity package including a health club and conference rooms were added. Finally, deferred maintenance and staffing were addressed. Most importantly, the brokerage community was engaged once the improvements were complete and new management was in place. This engagement produced a very positive outcome and demonstrated the ability to make decisions and complete transactions that resulted in the lease up and subsequent sale of the building.
Our expert worked closely with a lender to take over a troubled, unfinished condominium project and convert the building to luxury apartment rentals. Modifications were completed to common areas under budget and 100% occupancy was achieved within two years. A 75% reduction in an underlying loan balance was negotiated with a federal regulatory agency and the project was successfully sold to international investors for a substantial profit above the negotiated loan payoff.
Our expert represented the co-owner of hundreds of acres of partially permitted land in Thurston County. The other owner had defrauded the co-owner for millions of dollars by diverting funds into another project. This engagement included working with state and county officials to determine the extent and status of permitting work done, examining details of an underlying public bond issuance to cover some of the improvements, identifying and dealing with problems centered on loss of water through natural events (lowering water table) as well as diversion and/or sale of some of the company’s water source by the co-owner to the derogation of the project and competing claims of native American tribes and neighbors. Eventually it was possible to arrange a court-approved sale of the project to another entity.