has decided to relocate its
headquarters from Tacoma, Washington to Seattle. The firm will move to 1301 Second Ave. next year.
Russell's parent, Northwestern Mutual, is purchasing the 42-story Chase Center (previously known as the WaMu Center), the
reported. The tower will be renamed Russell Investments Center.
Russell has been based in Tacoma since its founding in 1936.
"After a thorough search and analysis of multiple sites in the Puget Sound region, we came to the clear conclusion that this is the right decision to best
serve the long-term interests of our business, both from an economic and
qualitative standpoint, and particularly given the unique conditions of the
commercial real estate market in Seattle," said Russell president and CEO Andrew Doman
Russell employs 900 people in its Tacoma headquarters. Tacoma reportedly offered incentives worth more than $148 million in an effort to get Russell to stay.
Seattle, for its part, did not offer tax incentives, Mayor Greg Nickels told Reuters.
"This is a business decision by the Russell company. We did not contact them, they contacted us," Nickels was quoted in the report as saying.
Kinzer Real Estate Services
led the site search with assistance from Seneca Real
Estate Group Inc., NBBJ and Sellen Construction Company. Russell was also
assisted by external counsel Davis Wright Tremaine and McCullough Hill, PS.
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