SOURCE: Clarion Partners

February 18, 2016 11:00 ET

Newly-Renovated Commons On 90 Welcomes REI Technology Team

Upgraded Office Space and Amenities Featured to Attract Technology-Driven Companies

SEATTLE, WA--(Marketwired - Feb 18, 2016) - Clarion Partners is a leading U.S. real estate investment manager catering to technology-driven companies with sought-after building features and amenities, as evidenced in the newly-renovated Commons On 90. The property, located on the I-90 corridor in Bellevue, Wash., welcomes the technology department of REI, national specialty outdoor retailer and the nation's largest consumer co-op. REI is the first tenant to take occupancy post-renovation, occupying an entire building.

The refurbished commercial property features two Class A office buildings totaling over 142,000 square feet. The property boasts the most in-demand office amenities including collaborative workspaces, state-of-the-art infrastructure, fitness center, conference/training facilities and wired outdoor spaces and is conveniently located off I-90 with ample car and bike parking.

"Clarion Partners is committed to the Puget Sound Region as one of the fastest-growing technology markets in the country," stated Christy Hill, senior vice president at Clarion Partners. "With over eight million square feet of office space in top technology markets throughout the country, Clarion has real- time insight into what tenants require and seeks to deliver timely, state-of-the-art work spaces. We are pleased to welcome REI to Commons on 90 and are confident that the space will be ideal for their needs."

REI began relocating its IT hub from its Kent campus to the Commons On 90 property, including 288 employees, in September 2015. The company will complete its move in the first quarter of 2016.

"Our new satellite office at Commons On 90 is a creative and collaborative space that helps reinforce our goals of remaining an employer of choice, and will be a strong factor in attracting new talent for our growing IT team," said Vic Blanco, REI's director of Real Estate Asset Management.

REI is actively recruiting elite technical talent. For 18 consecutive years, REI has been recognized as one of FORTUNE magazine's "100 Best Companies to Work For." (Current open positions are available at REI.jobs).

Technology companies are driving the strong leasing activity in the region accounting for 46 percent of the major leasing activity, according to a 2015 Jones Lange LaSalle Office Insight report. REI was reported among the top five companies responsible for the largest leases in the quarter.

An additional 25,000-square-foot lease has been executed in the project, leaving approximately 50,000 square feet available for lease.

On behalf of various commingled funds and separate account clients, Clarion Partners currently owns over thirteen million square feet of office space in leading technology markets in the U.S. including Seattle, San Francisco, Silicon Valley and Portland, Ore. Clarion Partners recently acquired an office building in the Bellevue central business district and a mixed use 250-unit-apartment building in Seattle and plans to make additional investments in the next five years to support these thriving technology regions.

"The recent updates to the project go hand in hand with a robust technology market," stated Chris Hughes, managing director, Jones Lang LaSalle.

Companies that teamed up to work on the Commons On 90 project include: Foushee and Associates, general contractor Urban Renaissance Group, property management JLL, brokerage firm JPC Architects, architect and construction management provided by Talon.

About Clarion Partners, LLC

Clarion Partners, an SEC registered investment adviser and FINRA member firm, has been a leading U.S. real estate investment manager for over 30 years. Headquartered in New York, the firm has offices in major markets throughout the U.S., in São Paulo, Brazil and London, England. With over $40 billion in total assets under management, Clarion Partners offers a broad range of real estate strategies across the risk/return spectrum to its more than 200 domestic and international institutional investors. The Firm's industrial footprint comprises over 99 million square feet across 43 markets across the U.S., Mexico and Brazil.

More information about the firm is available at www.clarionpartners.com.

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