Integrated platform delivers sale of the century
When Washington Mutual Bank’s 872,000-square-foot headquarters, located in the heart of downtown Seattle, came on the market in 2009, Northwestern Mutual Life (NWML) began evaluating the asset for potential purchase. The underwriting and execution of the transaction were highly complex. As such, NWML wanted a partner who could not only assist them in the acquisition but who would also be able to effectively manage building operations while overseeing a conversion from a single-tenant-occupancy build-to-suit to a multi-tenant building in a very challenging economic cycle and soft Seattle leasing environment. When purchased, the building was 7% occupied with a very complicated condominium arrangement in place.