Seattle The BIT committed $75 million for a new residential and retail property to be built in the Ballard neighborhood of Seattle, Washington. The $86 million project will consist of 268 residential rental units located above a 41,600-square-foot QFC grocery store and will generate an estimated 550 union construction jobs. To take advantage of this development opportunity, the BIT entered into a joint venture with Security Properties, Inc. (SPI), a Seattle-based developer of multifamily product. "Ballard Park is the kind of project we like to be involved with," says Chris Ewell, Secretary-Treasurer of the Seattle Building and Construction Trades Council (BCTC). "It not only means hundreds of good union jobs for our members, but it also brings new housing and economic growth to our community." Investments in multifamily projects such as Ballard Park give the BIT added exposure to a regional market that has "traditionally generated high returns while providing important diversification in the portfolio," according to Paul McDermott of PNC Realty Investors. Seattle's Ballard neighborhood is currently experiencing gentrification and strong growth in both residential and retail properties. San Francisco The BIT expanded its foothold in the highly desirable San Francisco office market by purchasing a 49% interest in the downtown property known as 199 Fremont. The 25-story, 412,000-square-foot, Class A office building is located in the City's south financial district, an area that is experiencing strong economic growth and development. The investment gives the BIT a fully leased, core office building in a major urban market on the West Coast. The BIT committed $127 million to the project as a joint venture with GLL Real Estate Partners. "This is an excellent investment for the BIT as we continue to expand its presence on the West Coast," says Kevin McCarthy of PNC Realty Investors, investment advisor to the BIT. "We expect 199 Freemont to provide stable income over the next four years as well as the ability to grow rents upon a major rollover in 2012."