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Nordstrom to Divest Downtown Building Interest

SEATTLE-The locally-based retailer intends to sell its minority interest in the 1700 Seventh Ave. building to Clise Properties, the area's oldest real estate development company. Nordstrom will retain a 20-year lease and occupy 80% of the building.

By Gina Binole | Updated on August 27, 2001

SEATTLE-Nordstrom Inc. says it will unload its minority interest in the 1700 Seventh Ave. building but retain a 20-year lease and occupy 80 percent of the building.

Terms of the sale to Clise Properties have not been disclosed, but the local retailer says it wants to focus on its core business rather than real estate. While the company owns real estate, such as many of its stores and distribution centers, it has decided at this time not to focus on real estate opportunities not directly related to retail space.

“We feel privileged for the unique partnership we have with Clise Properties. Not only have we been able to address our office space needs, but we have been able to partner with a company that shares our longstanding commitment to creating a healthy and vibrant Downtown community,” Blake Nordstrom, Nordstrom president said in announcing the news. “In our 100th year of doing business we’re focused on taking care of our customers. In the end, this decision made good sense for us and is favorable to our stakeholders.”

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