Insisting it wants to concentrate on its retail business rather than on its real estate holdings, Nordstrom Inc. has announced it will sell its minority interest in the 1700 Seventh Avenue building in its Seattle home town to Clise Properties. The retailer will, however, retain a 20-year lease to occupy approximately 80 percent of the newly opened office tower.
Nordstrom said it is focused on dedicating its resources toward its core retail business. While the company owns real estate, such as many of its stores and distribution centers, it has decided at this time not to focus on real estate opportunities not directly related to retail space.
“In our 100th year of doing business, we're focused on taking care of our customers,” said company president Blake Nordstrom. “In the end, this decision made good sense for us and is favorable to our stakeholders.”
Nordstrom continues to house its corporate headquarters above its flagship store at Sixth and Pine, but several different corporate divisions are also located at 1700 Seventh Avenue. Nordstrom currently also leases corporate office space in six other downtown locations. Its move to 1700 Seventh Avenue will be completed by January 2002.