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CBRE Wins Muni Tower Management Gig

SEATTLE-City officials select CB Richard Ellis to manage its 63-story Downtown office building, in part because it was the low bidder at $0.08 per sf. Cushman & Wakefield, which has had the assignment for the past five years, finished second in the bid scoring.

By Brian K. Miller | Updated on August 07, 2005

SEATTLE-CB Richard Ellis is the new property manager for Seattle Municipal Tower, the city-owned Downtown high rise located at 700 Fifth Ave. Formerly known as Key Tower, the 63-story building is 90% occupied by city departments.Cushman & Wakefield, runner-up for the work, has managed the property for the past five years, having had the original three-year contract extended for a maximum of two one-year periods. The city may re-bid the contract every three years and must re-bid it every five years. The city’s director of facilities operations Joe Garcia tells GlobeSt.com that a team of five city employees evaluated four 75-page proposals and awarded points for each of three categories: technical proposal, price and management. From there, the top two were brought in for interviews, after which additional points were awarded. CBRE and C&W made it to the interview round, and CBRE came away with 106 points while C&W came away with 101 points, according to Garcia.The city will be paying CBRE $0.08 per sf, which equates to about $7,500 per month, says Garcia. The price portion of the proposals ranged from CBRE’s bid to $0.45 per sf. The two bidders who did not make it to the interview round were Hines and GVA Kidder Mathews.CBRE’s Steve Penn tells GlobeSt.com he has retained all of the building’s 12-person engineering and office staff except for the general manager, who chose to remain with Cushman & Wakefield. The new GM is Kurt Sarchet, a senior manager that has been with the firm for about six years.

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