10,000,000 Square Foot Portfolio Assignment Awarded To Cushman & Wakefield
8 Feb, 2006, Portland, OR
Cushman & Wakefield of Oregon, Inc. announced today it has been awarded the asset management assignment for Seattle-based Laird Norton Company LLC. The portfolio consists of 10 million square feet covering 260 properties in 23 states. The properties are retail lumber yards selling lumber, hardware, and building materials with a few sites that support operations.
Laird Norton, a large family owned business headquartered in Seattle, recently sold its building materials business, Lanoga, to Fidelity Investments of Boston. However, Lanoga's acquisition did not include substantial real estate holdings, which remain with Laird Norton. Lanoga, who oversees brands such as Lumbermens in Washington, Spenard Builders Supply in Alaska, Home Lumber in Colorado and Dixieline Lumber in Southern California, will now lease the sites for their lumber yard operations.
Cushman & Wakefield will provide asset management services and tax consulting for the properties. "This is not a typical property management assignment," according to Diane McMahon, Director of Asset Services for Cushman & Wakefield of Oregon and the point of contact on the assignment. "We will handle some procedures a little differently due to the unique property use and their locations." C&W will travel to 23 states, perform property inspections, and provide accounting services such as tax assessment reviews and appeal opportunities for the client.
"We have been working with Laird Norton for several months now, helping them to identify asset issues and strategies to ensure they had the appropriate structure in place," says Jim Arce, C&W Managing Director of Asset Services - Western Region. "They are now our single largest property management assignment on the West Coast in terms of the number of locations, and square footage."
Cushman & Wakefield is the world's largest privately held real estate services firm. Founded in 1917, the firm has 189 offices in 57 countries around the globe, and 11,000+ talented professionals. Cushman & Wakefield delivers integrated solutions by actively advising, implementing and managing on behalf of landlords, tenants, and investors through every stage of the real estate process. These solutions include helping clients to buy, sell, finance, lease, and manage assets. C&W also provides valuation advice, strategic planning and research, portfolio analysis, and site selection and space location assistance, among many other advisory services. To find out more about Cushman & Wakefield, please call 1-800-376-3133.
About Laird Norton, LLC