SAM and WaMu

To follow up on something we discussed on this week’s show, here’s some detail on the relationship between SAM and WaMu:

Left out of the $2.6 million commitment is SAM’s rental agreement with Washington Mutual. SAM financed its 2007 expansion in downtown Seattle by sharing space with the bank. The museum’s tax forms indicate it receives $4.6 million annually in rental fees from WaMu. SAM’s annual budget is $24 million.

SAM’s public profile on the issue is close to invisible. No one at the museum would talk about it Monday, but spokeswoman Nicole Griffith has said repeatedly the museum hopes JPMorgan Chase will honor the lease agreement.

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