10-04-2013 09:51 PM

Foreign money will help re-launch construction of Seattle tower (slide show)

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Daniels Real Estate plans to start construction of the 43-story Fifth + Columbia tower in Seattle. Foreign capital is helping to get the project going.




Armed with money from foreign nationals, Seattle developer Kevin Daniels said this week that he plans to restart construction on his 43-story Fifth + Columbia project before the end of this year.
The Fifth + Columbia tower had been under construction for about a month when the FDIC, on Sept. 25, 2008, seized Seattle-headquartered Washington Mutual Bank, which occupied more office space than any other company in town.
“That was quite a message,” said Daniels, and one that he heeded. The next day he halted work on his tower.
“This time Washington Mutual can’t go under,” said Daniels, who heads his self-named company.
This January, Daniels and Stockbridge Capital Group, Daniels Real Estate’s equity partner on the $400 million Fifth + Columbia project, announced they would begin building the tower again. That’s still the plan, Daniels said Monday.
Daniels is working on two major projects, and is looking for more. In addition to Fifth + Columbia, he’s developing Stadium Place, a large-mixed use project next to CenturyLink Field.
Daniels is expanding his team and recently hired commercial real estate veteran Amy Worthington as vice president of development.
“At some point, I need help,” Daniels said, adding that Worthington will help fill the void left by his long-time business partner Frank Stagen. (A Q&A with Worthington, who previously was at Seneca Group, is on page 21 of the Oct. 4 Business Journal.)
Joining Daniels Real Estate and Stockbridge on the Fifth + Columbia project are foreign investors, who will contribute construction lending from a group of investors organized by Henry Global Consulting Group, one of the largest immigration consulting firms in China.


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Marc Stiles covers commercial real estate and government for the Puget Sound Business Journal.


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