SEATTLE, Wash. - August 24, 2001 - Nordstrom, Inc. (NYSE: JWN) and Clise Properties today announced that Nordstrom will sell its minority interest in the 1700 Seventh Avenue building to Clise Properties. Nordstrom will retain a 20-year lease to occupy approximately 80 percent of the building. The sale amount is undisclosed.

The retailer said at this time 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.

"We feel privileged for the unique partnership we have with Clise Properties. Not only have we been able to address our office space needs, but we have been able to partner with a company that shares our longstanding commitment to creating a healthy and vibrant downtown community," said Blake Nordstrom, president, Nordstrom, Inc. "In our 100th year of doing business we’re focused on taking care of our customers. 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 located at Sixth and Pine. Nordstrom employees from several different Nordstrom corporate divisions currently occupy the newly opened 1700 Seventh Avenue office tower. Nordstrom currently also leases corporate office space in six other downtown locations, including Museum Plaza, the Kress Building, the Broadacres Building, One Union Square, the Metropolitan Tower and the Securities Building. It owns the corporate headquarters located at Sixth and Pine. The move to 1700 Seventh Avenue will be completed by January 2002, at which time the company will have vacated the Museum Plaza and Broadacres buildings.

"We enjoyed partnering with Nordstrom and are pleased that we can still provide the company with the necessary office space it needs to grow in the coming years," said Al Clise, president, Clise Properties. "We’re also pleased that our partnership with Nordstrom to develop 1700 Seventh Avenue brought more affordable housing to downtown."

About Nordstrom, Inc.
Celebrating 100 years of service, Nordstrom, Inc. is one of the nation’s leading fashion specialty retailers, with 123 stores in 24 states. Founded in 1901 as a shoe store in Seattle, today Nordstrom operates 77 full-line stores, 40 Nordstrom Racks, three U.S. Façonnable boutiques, two free-standing shoe stores, and one clearance store. Nordstrom also operates 21 international Façonnable boutiques, primarily in Europe. Additionally, Nordstrom serves customers through its online presence at http://www.nordstrom.com and through its direct mail catalogs.

About Clise Properties, Inc.
Building Seattle's future since 1889, Clise Properties, Inc. is the region's oldest real estate development company. Still family held, the firm owns and manages several million square feet of commercial and retail property throughout the Seattle downtown core including the newly dedicated 1700 Seventh Avenue Building, the Westin Building, Denny Building, Sixth & Lenora Building and the Securities Building. Clise's current real estate investment activities are focused on projects that incorporate a mix of commercial, retail and residential elements.