News & Press

Schnitzer West buys land for new office tower in Bellevue


In 2010, Heartland was engaged by Aspen Growth and its lender, Wells Fargo, to develop and implement a disposition strategy for a land asset in downtown Bellevue encumbered with unique development constraints benefitting a Bank of America branch that currently occupies the Site. This engagement involved a comprehensive review of the existing site conditions and due diligence materials, a comprehensive review of all “as vacant” land sale transactions in the Bellevue CBD in the past five years, a comprehensive analysis of the residential and commercial office markets in the Bellevue CBD over the next 10 years, and a detailed feasibility alternatives analysis of six different development scenarios for the site. We then developed an Offering Memorandum and used a high-touch marketing effort to reach out to a target list of qualified developers capable of absorbing the constraints and closing the deal.  Heartland’s actions resulted in the successful sale of the property to Schnitzer West in December 2013.

Source: Daily Journal of Commerce

Polygon has plans for Ravenna block


CHSW is a statewide non-profit organization dedicated to improving the lives of children. Heartland first worked with CHSW in 2008 to evaluate their portfolio of properties, spread across eight (8) geographic locations throughout the state. The primary objective was to inventory the real estate assets held by CHSW and to provide a current valuation of each asset, informed by site context, market forces, site conditions, and development capacity.

Heartland’s updated analysis in 2012 led to the decision to surplus a key land asset in the Ravenna-Bryant neighborhood of Seattle that has been home to CHSW for over 100 years.  Encompassing an entire city block at 3.7 acres, interest in the property was strong and multiple offers were received.  The property was sold to Polygon Northwest in January 2014 with a leaseback provision that allows CHSW to remain on the property as they search for replacement space for their corporate headquarters.  Heartland is assisting the Society in this effort.

Source: Daily Journal of Commerce

New $164M Denny Substation won’t have high rises on top


Heartland assisted Seattle City Light (City Light) in the strategic planning for the acquisition of the North Downtown substation. In addition to identifying candidate properties that optimize operational, economic and community goals, Heartland represented City Light in the negotiation and documentation phases and coordinated with internal and external environmental, legal and finance team members to close the transaction. Heartland continues to represent City Light with its major real estate transactions and long-range portfolio management.

Source: Daily Journal of Commerce

Pratt arts center issues RFP for site in Central District


Pratt Fine Arts Center engaged Heartland to advise on redevelopment strategies of its existing campus. Heartland is currently working closely with Pratt to market the preferred redevelopment plan and to identify a developer to build two buildings on the site. The RFP is available on the Heartland Website (LINK), and is due on October 11th.

Source: Daily Journal of Commerce

Issaquah ready for an urban makeover


Since 2008, Heartland has been helping the City of Issaquah with the creation of a new sub-area plan for Central Issaquah that will guide its development over the next 30 years from its current auto-oriented commercial land use pattern into one that is more pedestrian and transit-oriented in nature.

Source: Daily Journal of Commerce