/C O R R E C T I O N -- Fifteen Twenty-One Second Avenue/
In the news release, Fifteen Twenty-One Second Avenue Honored With NAIOP Award
for 'Multi-Family High-Rise of the Year', issued 09-Nov-2009 by Fifteen
Twenty-One Second Avenue over PR Newswire, we are advised by the company that
there are extensive changes to the text. The complete, corrected release
follows:
Fifteen Twenty-One Second Avenue Honored With NAIOP Award for 'Multi-Family
High-Rise of the Year'Unique Condo Tower at Pike Place Market Earns
Endorsement by Industry Peers and Homebuyers
SEATTLE, Nov. 9 /PRNewswire/ -- Executives at OPUS NWR Development, LLC today
confirmed that the Washington state chapter for NAIOP (the Commercial Real
Estate Development Association) has recognized Fifteen Twenty-One Second
Avenue as the "Multi-Family High-Rise of the Year" for 2009. NAIOP held its
annual "Night of the Stars" awards ceremony on November 6 at the Bellevue
Hyatt. More than 650 industry representatives and guests attended the event.
Formerly known as the National Association of Industrial and Office
Properties, NAIOP has recently expanded its focus to recognize mixed-use and
residential projects within its corporate mission statement.
"We're thrilled to have earned the respect of our industry peers and the
confidence of our many homebuyers," said Tom Parsons, senior vice president
and general manager of Opus Northwest - Seattle, the managing member of OPUS
NWR Development, LLC. "These accolades provide further validation that Fifteen
Twenty-One Second Avenue is a truly exceptional development among a national
landscape of world-class projects."
The high-profile, high-rise condominium located above Pike Place Market has
been popular with national judges and homebuyers alike. In addition to the
recent award by NAIOP, Fifteen Twenty-One Second Avenue was also recognized as
the West Coast's "Outstanding High-Rise" for 2009 as part of the Gold Nugget
Awards held during the Pacific Coast Builder's Conference in San Francisco on
June 18, 2009. Most recently, the project was awarded "Project of the Year"
during the national Multifamily Executive Awards held in Las Vegas on October
13, 2009. Each award is judged by a panel of industry experts, which analyze
excellence in design, development, marketing and sales.
"Fifteen Twenty-One Second Avenue has become well recognized for challenging
conventional residential design and succeeding," said William Justen, a
partner in The Justen Company, which was the project visionary and
collaborated with Opus Northwest in the development of the project. "By
differentiating our product offering through innovations in design,
development and marketing, we've managed to establish our own market niche. We
are fortunate to have pushed through the headwinds that our industry faced
during the recent economic downturn."
Fifteen Twenty-One Second Avenue stood out for its distinctive design by Weber
Thompson Architects and Susan Marinello Interiors. Judges also noted the
project's impressive sales absorption. Opus Northwest has closed on two-thirds
of the 143-unit project representing more than $170 million in sales to date.
Unlike typical condominiums, Fifteen Twenty-One Second Avenue's homes average
1,912 square feet and are selling at an average price of $1.88 million-- twice
the size and approximately four times the median home price of condominiums in
downtown Seattle. "This sales success is notable because it demonstrates that
real estate is intensely local and that market trends in aggregate don't speak
for each project individually," said Dean Jones, a principal with Realogics,
which represents the sales and marketing for the project. "Outlier
developments like Fifteen Twenty-One Second Avenue have created real estate
microclimates where success begets success."
"Peer endorsements and established market values have really helped to provide
homebuyers, appraisers and mortgage lenders with a high level of confidence in
this development," Jones continued. "Fifteen Twenty-One Second Avenue is
proving to be a standout development on many levels."
The Fifteen Twenty-One Second Avenue Development Team:
-- Opus NWR Development, L.L.C., is the developer.
-- William Justen, managing director of the Samis Land Company and
founder
of The Justen Company, conceived Fifteen Twenty-One Second Avenue.
-- Blaine Weber of Weber Thompson is the design architect.
-- Opus Architects & Engineers, Inc., is the architect of record.
-- Susan Marinello Interiors is the interior designer.
-- Opus NW Contractors, L.L.C., is the construction manager.
-- Realogics handles marketing and sales.
ABOUT NAIOP
NAIOP, the Commercial Real Estate Development Association, is the leading
organization for developers, owners and related professionals in office,
industrial and mixed-use real estate. NAIOP provides unparalleled industry
networking and education, and advocates for effective legislation on behalf of
our members. NAIOP advances responsible, sustainable development that creates
jobs and benefits the communities in which our members work and live. Founded
in 1976, the Washington State Chapter of NAIOP today has more than 500 members
representing many leading firms in commercial and residential real estate
development. Visit www.naiopwa.org.
ABOUT OPUS NORTHWEST
Opus Northwest, L.L.C is a full-service design-build development firm serving
the northwestern region of the United States. The company has offices in
Minneapolis, Denver, Kansas City, Portland, Seattle, and St. Louis. With
in-house expertise in office, industrial, retail, multifamily, government, and
institutional projects, Opus Northwest has developed more than 84.8 million
square feet of space. Committed to creating great real estate, Opus implements
best practices in sustainable design and construction to maximize building
performance and reduce environmental impact. For more information, visit
www.opuscorp.com and follow us on www.twitter.com/opuscorp.
ABOUT THE JUSTEN COMPANY
The Justen Company is a Seattle-based collaborative of consultants that add
value by anticipating, planning and coordinating the entire development
process from conception to move-in. The firm's founding principal, William
Justen, was the project visionary for Fifteen Twenty-One Second Avenue and he
also serves as the Chairman of the Board for Samis Land Company, which sold
OPUS NWR Development the land for the project. Visit www.justencompany.com.
ABOUT REALOGICS
Realogics, Inc. is a Seattle-based real estate consultancy and brokerage
specializing in market research, product development, marketing and sales
solutions for in-city condominiums and mixed-use properties. The firm is
currently representing more than $500 million in new construction inventory
and has been recognized nationally with more than 100 individual sales and
marketing awards by the National Association of Homebuilders (NAHB). Visit
www.realogics.com.
SOURCE Fifteen Twenty-One Second Avenue
Nate Cole-Daum of Nyhus Communications, LLC, +1-206-323-3733, for Fifteen
Twenty-One Second Avenue
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