Kennedy Associates Real Estate Counsel (now Bentall Kennedy) has over $9.5 Billion under management nationwide, for 250 institutional investors, public, corporate and Taft-Hartley retirement systems, as well as major university endowment fund. They have in-house expertise in finance, investment, construction, architecture, law and real estate administration. When it came time for them to consider their Seattle facility alternatives, they hired OfficeLease.
Kennedy Associates had announced a partnership with a major Canadian real estate investor, was undergoing a generational management shift and was outgrowing its space which was split between non-contiguous floors in the Financial Center in downtown Seattle. The overall office space market was tightening given several large space users locating to the CBD and South Lake Union.
Bentall Kennedy is a major property owner/administrator, so the initial question was whether they should acquire a building as owner/occupant. As none were available at either a justifiable price or in an acceptable location and, as a large tenant in the Financial Center had recently announced their intention to relocate to another building from space contiguous to Kennedy’s HQ negotiations were initiated and focused on capturing this space when vacated, with expansion options on a third contiguous floor. The result was an attractive, cost-effective space at competitive rates.
Bentall/Kennedy is well-known in the Seattle real estate community and our firm has extensive experience in negotiating leases. Still we recognized that our own search for space could be made more effective by making use of an experienced local tenant representative . . . We spoke to several brokerage firms, and ultimately engaged Paul Suzman and OfficeLease to act as Bentall/Kennedy’s advisor and representative. We considered many different space alternatives, from purchase of existing office buildings to leased space in development projects still on the drawing boards. Over several months, OfficeLease did a good job of introducing new ideas and space proposals and was diligent in moving the selection process to a timely completion. They are financially sophisticated and were good at communicating with our own numbers-oriented management. Paul Suzman in particular acted as a key member of our team and was effective at maintaining open and effective communications with the landlord during the negotiations process.”