Seattle, WA – Jan. 2, 2019 – The Revitalization of 300 Pine, a redevelopment of the flagship downtown Seattle Macy’s for Starwood Capital Group led by Sortis Holdings’ affiliate Third & Pine LLC, has been named the National Association of Industrial and Office Properties’ (NAIOP) Top Redevelopment/ Revitalization Project of The Year for 2018.
300 Pine is a full block located between Third and Fourth Avenue and Pine and Olive streets in downtown Seattle that began life as a Bon Marche department store in 1928. In 2004, it was converted to Macy’s flagship Seattle store.
The Bon Marche building, as it is still known, is a Seattle Historic Landmark and was subject to the City of Seattle Landmark review process. The eight-story building of approximately 800,000 square feet was fully rehabilitated including a seismic retrofit, a new six-elevator core, new mechanical and electrical systems, the addition of two 4,000 square foot clerestories, and a spectacular 20,000 square foot rooftop deck amenity. A new ground floor office lobby that includes a Victrola Café was built at the Third Avenue and Pine Street corner to access the office space on floors three through eight. Through creative solutions such as these, the result is the formation of a next-generation workplace while preserving and enhancing an iconic building at a prime location in Seattle’s downtown core.
Amazon leased the entire 500,000 square feet of office space, while Macy’s retained approximately 250,000 of retail space on the lower levels from sub-basement to the second floor. The retail space remained open during the entire 30-month construction process.
“We’re delighted NAIOP recognized 300 Pine with its top award because the project was an example of our approach to real estate development: the opportunity to be at the convergence of economic and commercial real estate realities,” said Paul Brenneke, principal of Third & Pine, LLC. “The project was a labor of love that took almost 10 years from conception to completion, by far the most complex execution we have ever undertaken. We were proud to turn over the space to Amazon on time with a very tight schedule.”
Presented annually since 1979, the NAIOP award is given to one project that best exemplifies leadership and innovation in commercial real estate redevelopment.
About Sortis Income Fund, LLC
Sortis Income Fund is an evergreen real estate loan fund offered through private placement to accredited investors. The fund is managed by Sortis Holdings, Inc. and it’s wholly-owned subsidiary, Sortis Financial, Inc. The fund conservatively focuses on holding real estate loans. Loans are originated and serviced by Sortis Financial, Inc., a nationally licensed servicer, originator and debt collector. Sortis has developed a broad network over years in banking and finance with deep roots in the Northwest and has earned a reputation as a high-quality private lender that can execute efficiently.
About Sortis Holdings
Sortis is a leading private investment firm specializing in alternative asset classes with a focus on real estate, both as a lender and direct investor. With its roots as a former bank holding company, Sortis has evolved into a diversified firm that both lends and opportunistically invests in the Western U.S. with a focus on Pacific Northwest. Sortis manages the $100M Sortis Opportunity Zone Fund, $100M Sortis Income Fund and the $10M Sortis Growth Venture Fund. Operating under the principles of sustainability, client focus, integrity, hard work and creativity, Sortis provides its accredited investors with expertly managed alternate investment strategies. Further information is available at www.sortis.com.