Abstract
The purpose of this paper is to explain the impact of current event on Washington Mutual Bank
Introduction
Washington Mutual is a stock financial services company based in Seattle, Washington. Its headquarters are in the Washington Mutual Tower in downtown Seattle (the second tallest building in the city). It currently stands as the 6th largest bank in the United States by consumer transaction volume. Washington Mutual's principal activities are to provide financial services consisting of mortgage banking, consumer banking, commercial banking and consumer finance to consumers and small and mid-sized businesses. Washington Mutual accepts deposits and makes, buys and sells residential loans, consumer loans and commercial loans. The Company also originates purchases, sells and services specialty mortgage finance loans through its subsidiaries. Washington Mutual operates approximately 2,400 retail banking, mortgage lending, commercial banking, and financial services offices, as of April 19, 2005.
Impact of Washington Mutual's new headquarters
Landlords in downtown Seattle will not be feeling anywhere near the pain they once anticipated when Washington Mutual moves into its huge new headquarters office tower late next year. A strengthening local economy, aggressive leasing to new tenants and the thrift's own growth is combining to considerably soften the blow, local real estate. Washington Mutual occupies more than 1 million square feet of downtown space today. "I don't think the impact will be anywhere near as significant as we might have thought 12 months ago," said Mike Dash, a senior director at Cushman & Wakefield of Washington Inc. (Barbara Kiviat, Aug. 07, 2005)
Washington Mutual Inc. and the Seattle Art Museum are in a joint venture to erect a 42-story, mixed-use tower at Second Avenue and Union Street in downtown Seattle. The thrift will own about 900,000 square feet of space in the tower and lease an additional 250,000 square feet from the museum, according to the thrift's Securities and Exchange Commission filings.............
