Gerding Edlen Acquires Property in Seattle, Washington
May 04, 2011
portland, or – Gerding Edlen today announces the acquisition of a property in Seattle, Washington that, upon completion, will be a mixed-use development to include approximately 118 residential rental units, 20% of which will be designated affordable and 6,500 SF of retail space.
Gerding Edlen, which just recently commenced projects in West Los Angeles and downtown San Francisco, continues to increase their portfolio of urban mixed-use real estate investments. Upon completion in September of 2012, this project, located at 412 Broadway, with an anticipated LEED Gold certification will integrate and demonstrate Gerding Edlen’s ongoing commitment to sustainability and community.
Reinforcing Gerding Edlen’s concept of 20-minute living, 412 Broadway, a fully-entitled property was selected, among its many strengths, for its central location on First Hill. Adjacent to Seattle University, Swedish Medical Center, Harborview Medical Center and Virginia Mason Medical Center, 412 Broadway is in close proximity to the shopping and financial districts of downtown Seattle. Municipal plans for an extended light rail system from downtown to the Capital Hill, as well as a streetcar line that will connect this light rail to Union Station in the International District/Pioneer Square will offer direct access to a multi-modal transportation system for the residents of 412 Broadway. These attributes, combined with green building strategies and a holistic approach to community, exemplify Gerding Edlen’s philosophy, Principles of Place.
"Combining a thoughtful program and design that is high sustainable with this location and the capital investment that has already been made, represents a great investment opportunity," states Kelly Saito, President of Gerding Edlen.
Gerding Edlen Investment Management, representing one of the four major areas of expertise within the company including fee-based development, Sustainable Solutions, and Asset | Property Management, led the acquisition. Jim Klinger and Ross Klinger of GVA Kidder Mathews represented Gerding Edlen and Jeff Williams of Moran & Company represented the seller in the transaction.
The architect is Ankrom Moisan Architects. Construction is expected to begin in August of 2011, led by Howard S. Wright Construction.
Gerding Edlen is a leading real estate investment, development and asset and property management firm recognized for its expertise in creating and owning highly sustainable, urban infill, office, residential and mixed-use properties. Founded in 1996, the firm engages a socially responsible approach to real estate by cultivating properties that strengthen communities, minimize impact on the environment and add profound value to residents and tenants. Gerding Edlen’s efforts are guided by a set of criteria, known as the Principles of Place, where community plays a pivotal role alongside design, technology and sustainability in the success of their properties. Gerding Edlen’s development entity is a recognized national leader of sustainable development, which includes more than 75 LEED certified or certified pending properties.