x NEWS8.19.2018
LNP & Spectrum Partnership Tackle Middle-Class Housing

Despite the influx of jobs and unemployment rate below 4%, wage growth has remained stagnant, leaving millions of middle-class Americans without savings, living paycheck to paycheck as they continue to fight for what generations before have taken for granted: decent, affordable housing. Laird Norton Properties and Spectrum Development are a few of the companies throughout the United States addressing this concern.

LNP & Spectrum Announce 176-Unit Project at Othello Square

Laird Norton Properties (LNP) and Spectrum Development Solutions (Spectrum) announced today, as part of their joint venture, that they will be developing a new mixed-use project (currently identified as Building “C”) at Othello Square. Located at the northwest corner of the campus, the project will be six-stories and approximately 275,000 sq. ft. with 176 workforce apartments targeted at individuals and families earning 65% – 120% of AMI. The first two floors will be home to a new Odessa Brown Community Clinic which Seattle’s Children’s Hospital also announced today. Together the mixed-use development will increase access to health care for lower-income families and provide much-needed workforce housing at the Othello light rail station.

LNP Acquires Blackriver in Renton

Laird Norton Properties expanded its suburban office holdings with the acquisition of Blackriver Corporate Park located in Renton, Washington. Blackriver is the second suburban office park acquired for long-term investment by Laird Norton Properties in the past six months, following its purchase of Redmond Junction at Bear Creek (formerly Bear Creek Corporate Center) in November.

More News
Laird Norton Properties Buys Landmark Renton Property

Laird Norton Properties' investment push into the suburbs continued Monday with the purchase of Blackriver Corporate Park in Renton.



801 Second Avenue Suite 1700
Seattle, WA 98104
206 464 5245

Office & Multifamily Transactions
Alec Maghami

Light-Industrial Transactions
Jake Okleberry

(see Property Pages for leasing contacts)

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.  It is a wholly owned subsidiary of Laird Norton Company (LNC), a 160-year-old, seventh-generation family enterprise with significant investments in consumer and financial companies.  Backed by an experienced team of real estate professionals, Laird Norton Properties provides the flexible capital, thoughtful structures, and diligent management required to successfully execute on strategies across the yield-spectrum.
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 at the time. After 40 years of management, Laird Norton Company sold Lanoga Corporation in 2006, but retained the real estate assets, creating a national portfolio of 262 fully leased light-industrial, retail, and commercial properties in 23 states, owned and managed by the newly formed Laird Norton Properties. 

In 2010, Laird Norton Properties began an initiative to strategically diversify its real estate portfolio through the acquisition of Class-A office and multifamily property investments of more than $300 million in twelve assets located in Seattle, Portland, Denver and Salt Lake City.  

In 2017, Laird Norton Properties entered the development space with the formation of a $500 million programmatic joint venture with Seattle-based Spectrum Development Solutions. The platform targets opportunities throughout the Puget Sound region to develop student housing and workforce multifamily assets affordable to renters earning 60% to 120% of area median income. The venture is currently underway on three development projects in various stages of planning and completion. 

Today, Laird Norton Properties is the Laird Norton Company’s largest investment, with holdings of more than $700 million distributed throughout the Midwest and Western United States.
i n t e g r i t y


LNP invests in high-quality properties and select development opportunities in the Seattle, Portland, Denver and Salt Lake City markets.   

Asset Management
LNP are hands-on stewards of our investments, bringing 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 leasing, operations, and dispositions.

Joint Ventures
LNP has a strong track record of 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

LNP is interested in select development opportunities, including sites fitting its existing workforce and student housing programmatic venture with Spectrum Development Solutions and new opportunities to venture with best-in-class development partners showing deep expertise in target western markets.

a g i l i t y

Investment Focus

Equity requirements smaller than typical institutional investment thresholds ($10 to $25 million total equity per property, with total deal size targeted at $25 to $75 million)

Product Type
Office, Multifamily, Mixed-Use, and Industrial

Risk Profile
Core, core-plus, and value-add assets (Class B or better)

Return Profile
Bias towards strong cash flow


Primary and Secondary MSAs in the Western U.S. Currently invested in Seattle, Portland, Denver, and Salt Lake City.

Direct investments or joint ventures as either Co-GP or LP

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 $700 million.
Real Estate Assets
Lanoga Portfolio
­The LNP team includes a vertically integrated investment team with in-house transaction, development, asset management, and portfolio 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 • 206 464 5245  • EMAIL
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12th and Northrup 1 12th and Northrup

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.

Leasing Team

Michelle Franceschi
503 221 4838

Kristin Hammond
503 221 4860
17th and Larimer 1 17th and Larimer

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 and located within walking distance of Coors Field and the redeveloped Union Station.

Leasing Team

Austin Kane
303 713 1900

Sarajane Goodfellow
303 570 9464

2323 Elliott 1 2323 Elliott

2323 Elliott

2323 Elliott is a two-story, 72,000 square-foot office building located in the Waterfront submarket of Downtown 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.

550 Kirkland Way 1 550 Kirkland Way

550 Kirkland Way

550 Kirkland Way 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 an array of street front retail and the Lake Washington waterfront. Several suites boast outdoor decks and most floors offer waterfront views. 

Leasing Team

JJ Shepard
425 974 4031

Riley Shepard
425 974 4041
Belleview Tower 1 Belleview Tower

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.

Leasing Team

Sergio Casaneda
720 528 6314

Mitch Bradley
720 528 6311
Blackriver Corporate Park 1 Blackriver Corporate Park

Blackriver Corporate Park

Blackriver Corporate Park is a 13-building, 236,500 square foot office campus which sits on 23 acres in Renton, Washington. The office campus sits at the south end of Lake Washington, with easy access to I-405, I-5 and Westfield Southcenter.

The campus, originally built from 1983-1989, sits on three discontinuous parcels. The property features one and two-story buildings ranging in size from 8,500 to 40,000 square feet, a tenant amenity center and gym, and a parking ratio of nearly 5 stalls per 1,000 square feet, all in a landscaped setting adjacent to the Springbrook Trail and Blackriver Riparian Forest and Wetland.

Blackriver Corporate Park Website

Leasing Contact

Dan Foster
206 445 7662

Matthew Hinrichs
206 445 7663

Boston Building 1 Boston Building

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.

Leasing Team

Mike Richmond
801 303 5434

Dana Baird
801 303 5526
Canton Lofts 1 Canton Lofts

Canton Lofts

Canton Lofts is the first development project with Laird Norton Properties joint venture partner, Spectrum Development Solutions. Located at the corner of Third Avenue South and South Washington Street in Pioneer Square, Canton Lofts pays homage to the original Canton Building, which stood on the site from 1894 through the mid-1900’s and was the city’s first brick structure built after the Great Seattle Fire.  

Canton Lofts will include a total of 80 innovative workforce housing units, all which will be at rents affordable to people earning 100% of AMI and below. The building will also include approximately 3,000 sq. ft. of ground-level retail space.
Crane Building 1 Crane Building

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 includes 30 residential units, ground floor retail, and two full floors of office space.

Leasing Team

David Squire
503 972 5505

Doerrie McCoy
503 972 5503
Lenora 1 Lenora


Lenora Apartments is a 107-unit multifamily building with ground floor retail located at 2nd Avenue and Lenora Street in Seattle’s Belltown neighborhood.  Acquired vacant in 2010, Laird Norton Properties stabilized the property and in 2015 took advantage of a strong market, selling the property and realizing a 2.5x multiple on the investment.
Light Industrial Portfolio 1 Light Industrial Portfolio

Light Industrial Portfolio

This national portfolio currently includes over 150 properties in 23 states with a combined value of approximately $250 million. The portfolio, which is managed by LNP, includes lumberyards, distribution centers, light manufacturing facilities, and office buildings.
Harlequin Plaza 1 Harlequin Plaza

Harlequin Plaza

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

Leasing Team

Sergio Casaneda
720 528 6314

Mitch Bradley
720 528 6311
Othello Square 1 Othello Square

Othello Square

Located at the northwest corner of Othello Square and South Othello Street in Seattle, “Building C” will be dedicated to both workforce housing and an Odessa Brown Children’s Clinic. While the fully integrated pediatric, medical, dental and mental health clinic will take up the bottom two floors of the building, the upper five floors will be workforce housing available to individuals and families earning 65 to 120 percent of AMI.

The project is part of the larger Othello Square campus, which is a uniquely integrated, culturally competent and welcoming gateway center comprised of four development parcels. The Campus is designed to represent the diverse and international nature of Southeast Seattle, a community where all residents and neighbors find homes, educational and business development opportunities, family-wage jobs, health care, social services and a variety of small enterprises at which to shop, eat and play.
Redmond Junction at Bear Creek 1 Redmond Junction at Bear Creek

Redmond Junction at Bear Creek

Redmond Junction at Bear Creek, located in downtown Redmond, WA, is a 168,385 square-foot office campus that comprises two, two-story, class A buildings.  The office campus underwent extensive renovations from 2006 - 2009 that included cosmetic and mechanical upgrades as well as the installation of fiber optic systems. An updated central courtyard was also completed earlier this year. The property will undergo additional upgrades in 2018 including renovated lobbies and common areas, base-building upgrades, and landscaping and programming focusing on tenants' health and wellness and better connecting the property to nearby amenities.

Located near the terminus of Washington State Highway 520, the property is less than three miles from Microsoft’s world headquarters and within a mile of downtown Redmond's future light rail stations as well as a half-mile walk to the King County Metro Park and Ride, and within walking distance of Redmond Town Center. 

Stateside 1 Stateside


Stateside is the second joint venture project with Laird Norton Properties' partner, Spectrum Development Solutions. Stateside is a 272,746 square foot housing project, serving Western Washington University students, faculty and professionals in the Bellingham area.

The two building site incorporates an open and outdoorsy vibe and progressive commitment to sustainability that sits adjacent to the South Bay Trail. The site has a walk score of 90 being located in a dense, mixed-use neighborhood with nearby amenities, food and entertainment. The programming in the building is thoughtfully designed with study rooms, a fitness center, community kitchen, roof top deck, bike storage and in-unit furniture provided for future residents.
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. 

Stone 34 is home to Brooks Sports’ world headquarters and flagship retail location and offers employees spectacular views of Downtown Seattle, Lake Union, Mount Rainier and the Olympic and Cascade Mountains. The building is also adjacent to the Burke-Gilman Trail, a 42-mile bicycle and pedestrian commuter and recreational trail.
Jeff Vincent 1

Jeff Vincent
President & CEO • 

Jeff Vincent, President & CEO, 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 oversees 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.
Jake Okleberry 1

Jake Okleberry
Light Industrial Portfolio Manager • 

Jake Okleberry, Light-Industrial Portfolio Manager, joined Laird Norton Properties in 2015. Jake is responsible for overseeing and analyzing the performance of the light-industrial portfolio, which includes providing financial and market analysis related to leasing and disposition decisions, internal reporting, and property management supervision.  Jake started his real estate career as an analyst with Northwestern Mutual Investment Management Company and has worked for a broker-dealer specializing in 1031/TIC investments and a re-developer of industrial projects.  

Jake received his BS from Weber State University and earned the CFA designation in 2013.
Audra Brown 1

Audra Brown
Asset Manager • 

Audra Brown joined LNP as a property manager in 2011, overseeing 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.
Alec Maghami 1

Alec Maghami
Office & Multifamily Portfolio Manager • 

Alec Maghami joined Laird Norton Properties as Office & Multifamily Portfolio Manager in 2017. In this role, he is involved in acquisitions, asset management, portfolio management, and development oversight. Prior to LNP, Alec worked with Prudential Real Estate Investors’ San Francisco-based acquisitions group, where he was responsible for underwriting, modeling, and structuring direct and joint-venture transactions. Alec also has experience in real estate development with Silverstein Properties and commercial real estate debt origination with Prudential Mortgage Capital Company.

A Seattle native, Alec holds a BA in Finance from the University of Washington’s Foster School of Business and an MBA from Columbia Business School.
Angie Montijo 1

Angie Montijo
Assistant Controller • 

Angie joined Laird Norton Properties in 2018 as Assistant Controller, bringing over 17 years of accounting experience in the property management industry.  She is responsible for the controls and procedures for the real estate properties and the production of the real estate portfolio, financial reporting, and is the liaison with the property management and accounting firms.

Prior to joining Laird Norton Properties, Angie was the Director of Property Accounting at Unico Properties LLC, a Seattle real estate investor and manager. Her industry experience also includes being a portfolio accountant with Kennedy Associates Real Estate Counsel in Seattle. 
Jennifer Polson 1

Jennifer Polson
Marketing & Communications Manager • 

Jennifer Polson is the Marketing & Communications Manager for Laird Norton Properties and has been with the company since 2012. Jennifer’s responsibilities include the development and implementation of communications and marketing strategies for Laird Norton Properties.  She is responsible for all marketing campaign components encompassing print, media, social media, and internet presence.  

Jennifer has more than eleven 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.