NEWS9.27.2016
Stone34 is First Commercial Development to Complete Deep Green Pilot Program


Owners, Laird Norton Properties, a Seattle-based real estate investment firm and Unico Properties LLC, a real estate investment and operating company, and other key partners, announced that they have successfully completed the City of Seattle’s Deep Green Pilot Program for Stone34, a mixed-use, 132,293-square-foot, commercial office building in Seattle’s Fremont neighborhood. Due to a combination of smart building design and positive tenant behavior changes, Stone34 surpassed the Deep Green Pilot Program’s (DGPP) rigorous sustainability benchmarks to become one of Seattle’s most energy and water-efficient buildings – all while achieving competitive investment returns.


i n g e n u i t y
Laird Norton Properties (LNP) is a Seattle-based real estate investment firm that owns and operates a national portfolio  as part of the Laird Norton Company (LNC), a seventh-generation family enterprise. Backed by an experienced team of real estate professionals, Laird Norton Properties provides flexible capital and investment structures along with the expertise to complete even the most demanding transactions. 
l e r a c y
What began in 1855 as a frontier logging operation in the Minnesota wilderness has evolved into one of the longest-standing family enterprises in the United States. Today, the Laird Norton name represents a company with diverse interests and more than 400 family shareholders. One of Laird Norton Company’s most successful investments was in Lanoga Corporation, the nation’s third largest professional building materials dealer. After 40 years of management, Laird Norton Company sold Lanoga Corporation in 2006, but retained the real estate assets, thereby creating a national portfolio of 262 fully leased industrial and commercial properties in 23 states, totaling $300 million in value owned and managed by the newly formed Laird Norton Properties.

Since 2010, Laird Norton Properties has diversified the real estate portfolio through the investment of more than $90 million in nine properties in Seattle, Portland, Denver and Salt Lake City.

Today, Laird Norton Properties is the Laird Norton Company’s largest investment, with holdings of more than $500 million distributed throughout the Midwest and Western United States.
i n t e g r i t y

INVESTMENTS & PARTNERSHIPS

LNP is focused on investing in high-quality, value-add and core industrial, office, mixed-use, and multi-family properties and select development opportunities in the Seattle, Portland, Denver and Salt Lake City markets.  We are actively seeking partnerships with developers and operators that have a strong track record in their markets and asset types. We leverage our in-house business and real estate expertise to add value to our investments and our partners.  

Joint Ventures 
LNP focuses on developing programmatic long-term relationships that provide our partners with access to a flexible source of capital, enabling them to be active and agile in their markets.  LNP invests its own capital, giving us flexibility in our investment and joint-venture structures.  We have the ability to recapitalize existing assets or portfolios as well as to provide capital for new opportunities.  LNP can take a long-term or a short-term perspective and has the ability to invest throughout market cycles, patiently and strategically.

Developments
LNP is also interesting in development opportunities including partnering with high-quality developers with expertise in specific product types and markets to create new value by maximizing the use of an underutilized property.

Asset Mangement
LNP is a hands-on steward of our investments and we bring strong asset management expertise to our underwriting and execution. Since creating the $300 million Lanoga portfolio in 2006, LNP has taken a proactive approach to the asset management of the diverse portfolio by repositioning properties and actively managing the leasing, operations, and dispositions of the industrial portfolio.
a g i l i t y

Investment Focus

LNP seeks to invest capital in assets that offer the potential for attractive risk-adjusted returns.  LNP is specifically focused on:
  • Investments with equity requirements that are smaller than institutional investment thresholds
    ($5 to $20 million total equity per property, with total deal size targeted at $20-$50 million).
  • Value-add and core buildings (Class B or better).
  • Building a portfolio of strong cash-flowing assets.
  • Select development opportunities within high barrier to entry locations in major metropolitan areas.
  • Product Type: Office, Mixed-use, Multi-family or Industrial.
  • Directly or through joint ventures as both Limited Partnerships and Co-General Partnerships investment opportunities.
Building on an initial legacy portfolio of industrial and commercial assets, LNP has increased the portfolio’s value through targeted acquisitions, active asset management and select partnerships with leading real estate operators and developers. LNP’s current portfolio is a diverse national assemblage of industrial, retail, office and multi-family properties valued at more than $500 million.
Real Estate Assets
Lanoga Portfolio
The LNP team includes a vertically integrated investment team with in-house acquisition, underwriting and asset management expertise. The team takes an active, collaborative approach to working with partners while also being hands-on asset managers and stewards of the investments within the portfolio.
801 Second Avenue Suite 1700 Seattle, WA 98104 • 206 501 4506 • EMAIL
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17th and Larimer

17th and Larimer is an eight-story, 119,000 square-foot multi-tenant office building with ground floor retail located in the LoDo (Lower Downtown) area of the Denver Central Business District. Initially constructed in 1980, the building underwent a complete renovation in 2009. 17th and Larimer is a LEED-Silver certified building in close proximity to Coors Field and the redeveloped Union Station.
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Boston Building

Located in downtown Salt Lake City, the historic Boston Building is a 100,000 square-foot 11-story multi-tenant office building with scenic views of the downtown skyline and within walking distance of City Creek Center. The building was considered one of the state’s first skyscrapers when it was built in 1909 and underwent significant renovations in 2009. Situated within the city’s Central Business District, the building is a short walk from hotels, museums, and restaurants.    
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Crane Building

The 1901 vintage Crane Building, located in the Pearl District of Portland, is a six-story 49,000 square-foot space that was fully renovated in 2006. This mixed-use property consists of 30 residential units, ground floor retail as well as two stories of office space.    
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Lenora 1 Lenora

Lenora

Lenora Apartments is a 107-unit residential community with ground floor retail located in Seattle’s Belltown neighborhood.  The property was purchased in 2010 for $24.1M.  In 2015, Laird Norton Properties took advantage of increasingly high levels of investor demand for well-located, urban apartment assets and sold the property for $40.4M.
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Harlequin Plaza 1 Harlequin Plaza

Harlequin Plaza

Harlequin Plaza is a two-building low-rise multi-tenant business park located in Denver’s suburban Greenwood Village submarket. Comprising of 329,000 square feet and situated on an 18-acre campus, the property boasts multiple onsite amenities including a deli, fitness center, showers, locker room, covered parking, and a 46,000 square-foot outdoor plaza.
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2323 Elliott

2323 Elliott is a two-story, 72,000 square-foot office building located in the Waterfront District of Seattle. The building is master leased to the Art Institute of Seattle and features sweeping, unobstructed views of Elliott Bay as well as large, highly-efficient floor plates.
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550 Kirkland Way

Continental Plaza is a 75,000 square-foot, five-story multi-tenant office building situated in downtown Kirkland, just minutes from Seattle. The building is within walking distance of downtown Kirkland and the Lake Washington waterfront. Several suites boast outdoor decks and upper floors have waterfront views.
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Lanoga Portfolio

This national portfolio currently contains over 160 properties in 23 states, totaling $250 million in value. The portfolio, which is managed by LNP, includes lumberyards, distribution centers, light manufacturing facilities, and office buildings.
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12th and Northrup

12th and Northrup is a 75,000 square-foot two-story office and data center located in the heart of Portland’s coveted Pearl District. Built in the late 1930’s the building has been extensively renovated over the last 10 years. 12th & Northrup is a classic Pearl District asset, successfully embodying the intersection between historical industrial roots and modern professional atmosphere.
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Stone 34 1 Stone 34

Stone 34

Completed in the summer of 2014, Stone 34 is a 132,293 square-foot, 5-story office building located in Seattle’s Fremont neighborhood along South Lake Union.  The building is pre-certified LEED platinum and is the pioneering project in Seattle’s Deep Green Pilot Program, earning early accolades as one of the most energy efficient commercial office buildings in the country.  The ground floor provides 21,000 square feet of retail space, 8,500 square feet of outdoor gathering space, 218 below-grade parking stalls, bicycle stalls and four electric car-charging stations. The building is also adjacent to the Burke-Gilman Trail, a 42-mile bicycle and pedestrian commuter and recreational trail. Stone 34 is currently the flagship retail store and headquarters to Brook Sports with spectacular views of Downtown Seattle, Lake Union, Mount Rainier and the Olympic and Cascade Mountains.
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Belleview Tower

Belleview Tower is a Class A, 12-story 200,000 square-foot multi-tenant office building located in the suburban Tech Center submarket of Denver. Built in 1982, the building is located within 20 minutes of Denver’s central business district and 30 minutes from the Denver International Airport. The building was renovated in 1997 with additional renovations during the past several years to the lobby and common areas. The building also features 3.9/1,000 parking.
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Jeff Vincent 1

Jeff Vincent
Interim President • 

Jeff Vincent, Interim President, has been leading Laird Norton Properties’ parent company, Laird Norton Company, since January of 2001. With more than 30 years of business experience, Jeff has restructured business operations, acquired companies, and directed a variety of strategic initiatives to accelerate growth. Jeff is currently overseeing all operations of the company, including investments and development activities and is a member of the LNP Investment Committee.  

Jeff serves as a director on several boards, including: Laird Norton Company, Laird Norton Properties, Fusion Education Group, and Laird Norton Wealth Management. He currently serves as a member of the Washington Roundtable and is a past Chairman of the Washington State Board of Education. 

Jeff received a BSBA from Drake University and an MBA from the Harvard Business School.
Audra Brown 1

Audra Brown
Property Manager • 

Audra Brown joined LNP as a property manager in 2011. She oversees all property management services for LNP’s industrial portfolio.  Audra directs a team of regional property managers and is responsible for ongoing portfolio operational activities. She has more than 13 years of experience in property management, budgeting and dispositions. 

Audra is a licensed Washington Real Estate Broker, a member of the Institute of Real Estate Management and is working to achieve her Certified Property Manager designation.
Jake Okleberry 1

Jake Okleberry
Legacy Portfolio Manager • 

Jake Okleberry, Real Estate Analyst, joined Laird Norton Properties in 2015.  He provides the team with due diligence, research, analysis, and modeling support for the real estate portfolio and at the corporate level.  Jake started his real estate career as an analyst for Northwestern Mutual Investment Management Company and has worked for a broker dealer specializing in 1031/TIC investments, and a redeveloper of industrial projects.  Jake received his BS from Weber State University and earned the CFA designation in 2013.
Jennifer Polson 1

Jennifer Polson
Executive Assistant • 

Jennifer Polson is the executive assistant to Nick Pavelich and has been working for LNP since 2012. Jennifer’s responsibilities include marketing, research, data management and special projects.  Jennifer has more than nine years of real estate experience which includes property management, tenant relations, marketing and office management.  

She received a BA in public relations from Washington State University.
Spencer Esau 1

Spencer Esau
Real Estate Analyst • 

Spencer Esau, Real Estate Analyst, joined Laird Norton Properties in 2016.  He assists various functions within the company including reporting, research, analysis and financial modeling.  Spencer began his real estate career as a commercial broker with Sperry Van Ness before transitioning to analytics.  Prior to joining Laird Norton Properties, he specialized in the sale and leasing of multifamily, retail and office properties as well as in underwriting and market analysis. 

Spencer received a BS in Economics from Gonzaga University.