SEATTLE, Wash. — July 13, 2016 — The joint venture between Schnitzer West, LLC and Cornerstone Real Estate Advisers, acting on behalf of an institutional client, today announced that Davis Wright Tremaine LLP, a national, full-service law firm with its largest office in Seattle, has signed a lease to occupy eight floors (22 percent) of office space in Madison Centre, located in Seattle’s central business district. Davis Wright Tremaine is the first tenant to lease space in the 37-story, modern Class-A office building, which is slated for completion in 2017.
Located at 5th Avenue and Madison Street, Madison Centre neighbors the Seattle Central Public Library and the historic U.S. Federal Courthouse. Madison Centre is also in close proximity to Interstate 5 and many convenient public transportation hubs, including bus, light rail and ferry terminals.
“Moving to Madison Centre is a vital part of our ongoing work to build the law firm of the future,” said Bob Blackstone, partner-in-charge at Davis Wright Tremaine’s Seattle office. “The state-of-the-art space will promote greater efficiency and collaboration among our lawyers and staff, and help support the many other technological innovations and process improvements we’re deploying to serve our clients better.”
With strong Northwest roots and a longtime reputation for excellence and innovation, Davis Wright Tremaine has grown to be one of the country’s biggest law firms. More than 550 lawyers assist clients at the firm’s nine offices around the U.S. and in Shanghai, with the largest number in Seattle. The firm counts among its clients many of the leading companies and organizations in the Puget Sound area.
Designed by the Seattle-based architectural firm NBBJ, Madison Centre includes 746,041 square feet of office space, 7,828 square feet of retail, 4,500 square feet of roof terrace space and a seven-level subterranean parking garage. The office building is being developed by joint venture partners Schnitzer West and Cornerstone Real Estate Advisers.
Madison Centre will feature Schnitzer West’s signature “Great Room” concept with a three-floor gathering place, providing tenants with lounge areas, communal collaborative workspace and a variety of meeting rooms. The building will offer its tenants a conference and training center; a three-story living wall designed to improve air quality, reduce noise and ease stress; a fireside lounge; a personal concierge service; a 5,200-square-foot fitness center, and a rooftop deck with views. It is also designed to achieve LEED (Leadership in Energy and Environmental Design) Gold certification by the U.S. Green Building Council.
“When planning Madison Centre, we brought together leading experts in technology, environmental design, hospitality and human resources to define what a next-generation workplace should offer,” said Pam Hirsch, managing partner at Schnitzer West. “The competition for talent is fierce in Seattle and the workforce today demands office environments that foster creativity, provide flexibility and, ultimately, maximize productivity and efficiency. Top employers such as Davis Wright Tremaine realize the importance of providing office space and on-site amenities that help them attract and retain talent.”
Oscar Oliveira and Damon McCartney from Broderick Group assisted with the listing for Madison Centre, and Steven Wood and Campbell Mathewson from Century Pacific represented Davis Wright Tremaine.
About Schnitzer West, LLC
Schnitzer West, LLC is one of the West Coast’s fastest growing real estate investment, development and property management companies. Founded in 1997 by managing investment partner Dan Ivanoff of Seattle and Schnitzer Investment Corp (now MMGL Corp.), the company has built a successful track record in the commercial and multi-family housing markets through product innovation, disciplined management and investment expertise. Known for its commitment to “Outperform the Expected,” Schnitzer West has earned recognition for creating innovative workplaces and living spaces, for delivering superior-to-market returns and for its value-creation approach to property management. To date, it has developed in excess of 6.5 million square feet of Class-A office and suburban office, flex, industrial and bio-tech space and luxury multi-family residential and is currently under construction on approximately 1.5 million square feet of office in Seattle and Denver. Additionally, it has acquired and repositioned approximately 2.8 million square feet of commercial product. Currently, its Asset Operations group actively manages 5.4 million square feet of office, and industrial property for a variety of clients. Building on its success in the Northwest, Schnitzer West owns additional properties in Denver and is exploring new market opportunities across the Western United States.
About Cornerstone Real Estate Advisers
Cornerstone Real Estate Advisers LLC, with subsidiary and affiliate offices in the U.S., UK, Europe, and Asia, is one of the largest global real estate focused investment managers. It provides core and value-added investment and advisory services, including a comprehensive suite of private and public real estate debt, equity and securities expertise and services, to institutional and other qualified investors around the globe. Cornerstone is a member of the MassMutual Financial Group.
About Davis Wright Tremaine
Davis Wright Tremaine LLP is a national law firm with over 550 lawyers representing clients based throughout the United States and around the world. The firm was named “Innovative Law Firm of the Year” by the International Legal Technology Association in 2015 and is one of three finalists for the same honor this year.