Feeding Traffic | Dining: Developers add food halls to menu to draw in shoppers
Published January 23, 2017 in the Los Angeles Business Journal
When Greenbridge Investment Partners bought a historic commercial building in Altadena in 2013, the firm didn't know exactly what to do with the property. After talking with residents about what was needed in the community, Greenbridge decided on a food hall... Click Here
Greenbridge Investment Partners Obtains $73 Mil Loan to Renovate and Convert Seattle Design Center
Published January 10, 2017 in Real Estate News Television
“Seattle’s creative office market is flourishing, and shows no signs of slowing in the near future,” says Bram. “Vacancy rates have reached pre-recession lows, and tech giants such as Amazon and Facebook are expanding in the market. This activity fuels a deeper demand for creative office, and presents an opportunity for owners who are in a position to deliver creative space to the market.”
The design center, comprised of two buildings situated in the Georgetown submarket of Seattle, historically served as a well-known destination for high-end home furnishings and design services. The buildings are located at 5601 and 5701 Sixth Ave. Since acquiring the property in 2014, Greenbridge Investment Partners rebranded the buildings into:
Building 1: a 157k sf asset now called Seattle Design Center
Building 2: a 280k sf asset now called Georgetown Squared (G2)
Greenbridge acquired the two adjacent design center buildings for $24.9 mil at 43% overall occupancy, over the last two years. The firm renovated the Seattle Design Center building and consolidated the showroom/design tenants into that facility. Now, Greenbridge is ready to begin a major repositioning of the G2 building from showroom space into creative office.
The new loan closed at 59.7% loan-to-stabilized value at a competitive LIBOR spread for a 24-month term with one 12-month option. $49 mil was funded at closing, and an additional $24 mil will pay for renovation, construction, tenant improvements and leasing commissions at the G2 building.
Greenbridge’s G2 office building will offer a full creative environment with expansive 60k sf floorplates, exposed ceilings and concrete floors, glass walls for natural light, unobstructed views of downtown Seattle and Mt. Rainier, and full-service amenities, including an upscale fitness center and conference center.
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One of Washington’s largest private companies plans headquarters move
Published August 3, 2016 in Puget Sound Business Journal
One of Washington’s largest private companies is relocating its corporate headquarters next spring.
Darigold said it will move from its current headquarters in South Seattle to the Georgetown neighborhood after its lease expires.
The farmer-owned co-operative will move employees into the Georgetown Squared development at 5601 6th Ave. S. in May and, in doing so, reduce its amount of office space by nearly half.
Darigold’s current headquarters is in at 1130 Rainier Ave. S. and measures approximately 62,000 square feet. It didn’t need that much space, said the co-op’s real estate broker Parker Ferguson of Flinn Ferguson.
Instead, Dairgold, which has more than 813 employees throughout Washington state and reported 2015 revenue of nearly $2.55 billion, will occupy 37,000 square feet in the newly renovated Georgetown Squared.
“I’m excited to increase the quality of our work environment at the new location,” said Stan Ryan, Darigold president and CEO. “The new building will provide a highly collaborative space, which will stimulate teamwork.”
Greenbridge Investment Partners has substantially invested in improvements at the five-story Georgetown Squared complex, which is connected by a glass-enclosed sky bridge to the Seattle Design Center.
In addition to the floor that Dairgold leased, Greenbridge has inked lease deals with energy efficiency programs and services provider ClearResult, Andersen Construction and office furniture supplier OpenSquare. In total, it has leased 89,000 square feet of the 280,563-square-foot office complex.
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Seattle Design Center Gets a Makeover
Published May 2016 in Seattle Magazine
In May, the Seattle Design Center (SDC) in Georgetown unveils a significant redesign project: its own. After a year long renovation process, the SDC (Georgetown, 5701 Sixth Ave. S; 206.762.1200; seattledesigncenter.com) now has a new look and has centralized its 25 home furnishings and decor showrooms in one location on its campus. “We wanted to create a building that looked and felt like a real design center,” says Mike Jones of JPC Architects, lead architect for the project, “where you don’t need to have a sign on the desk when you enter to know immediately you’re in a creative space.”
Previously divided between two buildings, a five-story plaza and two-story atrium, the SDC now houses all of its showrooms in the 157,336-square-foot atrium. New porcelain tile, lighting and brighter interior paint replaced the atrium’s previously dark, dated lobby, which hadn’t been redesigned since the ’70s.
“The [designers] who come here [with clients] deal with color all day,” Jones says. “We wanted them to not be overwhelmed, to have a clean, contemporary palette.”
The clean-up continues outside the building with the bulky concrete canopy of the SDC’s entrance replaced with a larger, sleeker surface topped by a gypsum-board plane that extends from the interior ceiling, connecting the inside with the outside and creating a welcoming entry for the building. “When you walk in now, you can breathe, you can think big,” Jones says.
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Real Estate Buzz: New owners revamp Seattle Design Center
Published March 24, 2016 in the Daily Journal of Commerce
Greenbridge Investment Partners is new to Seattle, but the company founders knew they had found something special when they saw the Seattle Design Center.
The sprawling center is at 5701 Sixth Ave. S. in Georgetown, and it's a hub for commercial and residential furnishings and designers from the Northwest and Canada. It was started in 1973 and expanded in 1983, but the two buildings had seen better days. While the showrooms inside featured the latest looks, the center itself was not well maintained over the years.
Greenbridge bought the 432,000-square-foot complex in late 2014 with the goal of keeping it as a design center.
Sean Hashem, who founded Greenbridge in 2012 with Fareed Kanani, said, “Frankly, people were looking at taking out the design center all together, and even though it was our first deal in Seattle, we felt it would have been detrimental for that area. It became a little more mission-oriented at that point, and we said we want to save the design center.”
Hashem first got interested in buying the design center while he was working with another group to redevelop a similar design hub in Los Angeles called LA Mart. That experience got him interested in finding an opportunity to influence a neighborhood and a regional icon like Seattle Design Center.
The Buzz previously reported that Hashem and Kanani met in 2006 when they were on opposite sides of a real estate deal and liked each other's style. Hashem has a knack for seeing opportunity in overlooked areas, and Kanani has worked with large institutional investors and funds.
Though Greenbridge is still a small company, it has in-house property managers, accountants, asset managers and construction managers. The two men say they want to focus on projects in areas where they see growth potential — like Georgetown.
You can already start to see Greenbridge's vision for the design center. Both buildings are getting upgrades, and the design center itself has been condensed and moved into one building: a two-story, 156,000-square-foot structure. The other five-story, 276,000-square-foot building is being renovated to provide creative office space, and renamed Georgetown Squared.
Greenbridge expects to spend between $11 million and $15 million on the renovation.
JPC Architects is the designer and Venture General Contracting is the general contractor. Swinerton Builders worked on part of Georgetown Squared.
In the design center, the project team is taking out the canopy entrance, redoing the lobby and adding a glass elevator. Landscaping and LED signage facing Fourth Avenue South are planned to make the space more attractive.
Greenbridge wants to raise the profile of the design center and offer more public events. Kanani said the complex is frequented by long-time patrons, but they want to draw first-time homebuyers and others new to the Seattle area. Renovations and better marketing should let more people know about it, Kanani said.
Greenbridge is working with Skillet to open a restaurant on the design center's ground floor.
Georgetown Squared will have open, airy office spaces as well as a new lobby and common areas, with glass elevators and a gym.
So far, several tenants have signed leases, including Andersen Construction, OpenSquare and Prowess Consulting. Kanani said he is talking to several other tenants that could bring the space to about 50 percent leased.
About 90 percent of the space in the design center building is leased.
There's room for young companies to grow, and rents here are significantly lower than downtown: topping out at about $21 per square foot.
Kanani said Greenbridge expects to finish renovation work by the end of the year.
While Kanani and Hashem are invested in the design center, they are just as passionate about the neighborhood. Part of the reason they kept the design center was because they see it as a vital piece of Georgetown.
“We are pioneering for sure,” Kanani said, “but there are a lot of great things out here given the tiny size of Georgetown.”
Greenbridge is working with the city on a branding and signage campaign to raise Georgetown's profile. Kanani said they were involved with a recent event called Bacon and Bourbon Fest. This fall, the design center will host the Northwest Design Awards.
The neighborhood is changing as more people start working there. Georgetown Squared will be one of the biggest office buildings in the area, and companies like Trupanion are moving to Georgetown and bringing hundreds of employees — and pets — with them.
Greenbridge is looking to do more in Seattle. Hashem said Greenbridge is interested in transactions between $10 million and $100 million. In Seattle, Greenbridge wants to find historic buildings with character and a story.
“We like to say we are old souls in that we buy buildings as old as our grandparents — or older,” Kanani said.
$11M for 10 houses in Issaquah
Presidio Residential Capital and Summit Homes of Washington seem to be big fans of Issaquah.
The two firms said they recently purchased almost seven acres at Northwest Pickering Place in Issaquah and plan to build 10 houses.
Work will begin this summer and houses could start coming out of the ground by fall. Inneswood should open by spring 2017. The value of the project is expected to be about $11 million.
The houses will range from 3,400 square feet to 4,000 square feet, and prices will start at $1.1 million. They will have at least four bedrooms and three baths, with open floor plans, covered decks, and garages for two or three cars. The lots will range from 8,300 to 14,000 square feet.
Inneswood is an extension of another Presidio/Summit project: a $25 million, 20-home community called Pickering Place.
Inneswood/Pickering Place is the sixth project Presidio and Summit have teamed up to develop in King County, and their third in Issaquah. The companies are developing Jazz Run, a $15 million, 19-home community in Issaquah; Ivy Estates, a $9 million, 10-home community in Sammamish; Cedarbrook, a $8 million, nine-home community in Kirkland; Canyon Terrace, a $39 million, 70-home community in Renton and Forest Heights, a $22 million, 25-home community in Issaquah.
Cheap rent and funky vibe keep luring Seattle firms to Georgetown
Published March 16, 2016 in the Puget Sound Business Journal
The new owner of the Seattle Design Center has spent $11 million on renovating the property into office space. The design center continues operating at the property in the Georgetown neighborhood, where growing Seattle companies, such as Trupanion are moving. The latest company to move to the neighborhood is Andersen Construction... Read More
Greenbridge announces its newest project, Altadena Marketplace, a food market serving as Altadena’s premier artisanal food hall destination.
Stay up to date: www.facebook.com/AltadenaMarketplace
FOOD at 3500 Wilshire
Greenbridge announces the launch of FOOD at 3500 Wilshire, a second-floor dining hall offering a modern dining experience to satisfy many tastes. Through a dynamic blend of fast-casual and farm-to-fork restaurants, FOOD is Koreatown’s go-to spot for lunch, dinner, and everything in between! The goal of FOOD is to bring together the many diverse flavors of Los Angeles under one roof. At FOOD, we pride ourselves on our renowned chefs, many of whom are “stars” on Jonathan Gold’s Top 100 Lists, and our delicious cuisines.
We’re not your typical food court – FOOD at 3500 Wilshire pays tribute to the community by bringing together diverse food, art, architecture, and a history of one of the most important streets in Los Angeles.
Conveniently located on the Metro Purple Line, FOOD offers eight dynamic restaurants and a craft beer and tapas bar to keep your appetite and schedule happy (and on-time)! FOOD at 3500 Wilshire is the perfect answer to your lunch cravings, after work happy hour, or dinner get-togethers on Wilshire Boulevard.
Greenbridge Launched GeorgetownSquared.com and the new SeattleDesignCenter.com
Greenbridge has launched websites for two of their buildings located in Seattle, WA: the Seattle Design Center and Georgetown Squared (G2).
The websites can be found at:
Seattle Design Center: www.SeattleDesignCenter.com
Georgetown Squared: www.GeorgetownSquared.com
Greenbridge Launched 3500wilshire.com, ShopsOnHill.com 525colorado.com
Greenbridge has launched websites for their buildings at 3500 Wilshire Blvd. in L.A.’s Koreatown, the historic Star News Building at 525 East Colorado Blvd and Shops on Hill Buildings in Pasadena.
The websites can be found at:
3500 Wilshire: www.3500wilshire.com
Star News Building: www.525colorado.com
Shops on Hill: www.ShopsonHill.com
Developer Unveils “Altadena Marketplace” Plans for the Webster’s Building
Published : Tuesday, June 30, 2015 in Pasadena Business Now
An owner of the Webster’s Building at 2450 North Lake Avenue in Altadena today described in detail his company’s plan to convert 7,000 square feet of the historic landmark building into a contemporary marketplace.
Fareed Kanani, a principal in Greenbridge Investment Partners, said the proposed Altadena Marketplace could house seven tenants offering innovative cuisines and artisanal products in the three south-most units.
A brochure produced Greenbridge touts the “historic Webster’s Building” as the perfect setting for a food hall that could transform a community hub into an incubator for independent businesses and startups.
The brochure goes on to suggest possible retailers appropriate for the seven spaces would be a Deli style sandwich shop, a café with bakery , an espresso and freshly-baked pastries shop, a florist, craft beer sales, pizza, and a cheese and wine vendor.
“We’re going to focus on bringing in a farmer’s market-style feel that will have between five to six different uses with a common area that will allow for big party or small group sitting,” Kanani said.
An artist’s renderings of the project reveal plans to “open up” the southwest corner “to bring in a lot of natural light and have a really cool vibe.”
Kanani said Webster’s Pharmacy and Meredith M will remain anchored in the middle of the building.
“Webster’s Pharmacy, Webster’s Community Pharmacy and Meredith M are not leaving the building,” confirmed owner Meredith Miller. “We are there to stay, we are part of this transition, we have very long term leases in the building.”
Miller applauded the Marketplace concept.
“I think this is a really smart move,” she said. “It’s a good use of the space, it will really resonate with this community. It’s something that we really do need. We need more food service, we need coffee, we need that kind of activity. We’re excited to be part of the development.”
As for the other end of the building, Kanini said Greenbridge is “talking to a cake shop for the northern portion.”
Kanani said the parking lot will be renovated.
“We’re going to improve the parking lot — make it easier to park,” he said, adding there are no plans for a subterranean parking structure as rumored.
“So there’s a lot that’s going to go on. We’re going to spend a good deal of capital,” Kanani said.
The project brochure lists Brenda Arianpour as Project Manager and Steven Vasquez as Business Development manager.
Published : Tuesday, June 30, 2015 in Pasadena Business Now
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