Retail

Kennedy's investment in Seattle's downtown retail redevelopment program reinvigorated the city's core that was in desperate need of a high-end super anchor tenant. Working closely with the city and senior officers at Nordstrom, Kennedy negotiated a redevelopment plan that brought the Nordstrom headquarters to downtown Seattle and joined the new flagship Nordstrom store with the repositioned mall. Today the retail property is one of the firm's most successful investments and continues to make notable contributions to the local Seattle economy. Kennedy's retail portfolio currently measures close to $350 million in value and over 624,000 square feet.

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Pacific Place — Seattle, Washington (case study)

The Opportunity

Urban re-vitalization

Public private partnership

Transit Oriented Development

Significant recycling and composting

Reduced 2007 landfill contributions by 200%

Mall “lights out” on sunny days

Focus on indoor air quality

Working towards LEED EB Silver Certification

	The Investment
	Acquisition Closed:	May 1996
	Acquisition Price:	N/A
	Market Value*:	$201.5 million (100%)
	Cost:	$124.9 million (100%)
	Current Yield*:	5.73%
	*as of 3/31/09