Bellevue, WA-based Schnitzer Northwest picked up the buildings in January 2001 for $40 million, or about $200 per sf. At the time, the 110,000-sf 6000 Meadows was 95% leased but the 88,000-sf 5800 Meadows was still under construction and without any early tenant commitments.

At that time, Portland-based Norris Beggs & Simpson, which brokered the acquisition, was handed the leasing assignment for 5800 Meadows. It would take nine months to land the building's first tenant, but it was a big one, as Kaiser Foundation Health Plans signed a five-year, $6-million lease for the building's top two floors (45,707 sf). In April 2002, with the building 50% leased, the leasing assignment was handed to Buzz Ellis of Portland-based Doug Bean & Associates, who has pushed the building's occupancy to over 97%.

Ellis is one of three brokers that have the disposition assignment. The other two brokers are with Cushman & Wakefield--George Eckard of C&W/San Francisco and Gary Griff of C&W/Portland. None of the brokers were available Wednesday for comment. Other local investment brokers in town say Schnitzer Northwest is looking to get between $225 and $250 per sf for the buildings, which would put the sales price between $44.5 million and $50 million and set a new high water mark for the region.