Assignment
Market acumen, integrity and an excellent track record of landlord representation were determining factors in Schnitzer Northwest’s decision to retain Pacific Real Estate Partners. Our assignment was to lease up three suburban office and technology buildings in Bothell North Creek, totaling more than 150,000 square feet.
Objective
Achieve full occupancy and secure above market lease rates for our client by developing a strategic marketing plan designed to sell the features and benefits of each property.
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Challenges
Soft market conditions derived from a listless local economy presented the most serious obstacle. Our task was further complicated by original design and construction costs that required rental rates considered above market in the current economic climate.
Results
Schnitzer North Creek featured high quality properties defined by their architectural detailing and superior construction. The Pacific Real Estate Partners team developed a marketing plan focused on these attributes, and the impact such a positive working environment would have on employee productivity and retention. Our strategy has proven effective, and we have completed lease transactions with prestigious companies such as Puget Sound Energy, AT&T Wireless, Comcast and Northern Trust. Despite a steadily worsening economy, we have achieved more than 75 percent occupancy for our client, and continue to move forward to complete lease-up.
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