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Puget Sound Business Journal
Microsoft CEO leaves Starbucks board
Microsoft Corp. (Nasdaq: MSFT) CEO Satya Nadella resigned from the Starbucks Corp. (Nasdaq: SBUX) board of directors last week, according to a Friday filing with the Securities and Exchange Commission.<\p> The filing from Starbucks contained Nadella's resignation letter, in which he said he was stepping down effective immediately after seven years on the board. Nadella said he had the "utmost confidence" in Starbucks CEO Laxman Narasimhan and the senior leadership team.<\p>
Tacoma Mall owner makes plans to build 2 restaurant buildings
Tacoma Mall owner Simon Property Group (NYSE: SPG) submitted permit requests to the city last week develop two restaurant structures on the property. <\p> Both buildings will be part of the outdoor “lifestyle village” section on the north side of the mall's property.<\p>
Big REIT's Belltown asset sells for millions below assessed value
In Belltown, AVA is now WES after the $34 million sale of a mid-rise apartment building kitty-corner from Olympic Sculpture Park at 2800 Western Ave.<\p> Seattle-based HB Management bought the 100-unit AVA Belltown from real estate investment trust AvalonBay Communities (NYSE: AVA), according to sales affidavit that King County posted Friday, and renamed the 23-year-old property WES.<\p>
Wells Fargo names new Seattle-area middle market leader
Wells Fargo & Co. (NYSE: WFC) on Tuesday named Lonnie Noble as an emerging middle market officer for Western Washington.<\p> Noble has spent more than eight years in total with the San Francisco-based bank. He will be based in both Tacoma and Bellevue for his new role, the bank said.<\p>
Small-business grants you can apply for this month
Despite the seemingly endless number of challenges that come along with being a small-business owner, the vast majority of entrepreneurs recommend it. <\p> A survey of employed adults and small-business owners by Justworks and The Harris Poll earlier this year revealed that 93% of small-business owners would recommend business ownership to others, with 59% saying it was easier than they had anticipated. <\p>
What Patsy Bullitt Collins taught me about leadership
Becoming a named partner at DuBois Levias Law Group in October 2022 was a turning point that not only altered my world, but also how my world perceived me. The newfound recognition shifted dynamics between me and my colleagues, my legal community, my clients, and caused me to reflect on my own feelings around this elevated, public-facing position.<\p> Throughout my career, I have been fortunate to have role models who embodied a different kind of leadership. They were not the loudest voices in the room, seeking recognition or praise. Instead, these people, mostly women, quietly carried out their work, motivated by a deep commitment to serve others.<\p>
Tower construction to begin at old Elephant Car Wash site in Seattle
The residential portion of the 44-story Ivey on Boren in Seattle has sold for $328 million, according to an affidavit that King County posted Thursday.<\p> The next day the seller said it will begin building a similar-sized high-rise, Sloane, on the property at Seventh Avenue and Denny Way where Elephant Car Wash operated.<\p>
Former Starbucks executive puts condo back on the market (Photos)
Howard Behar, the former president of Starbucks Corp. (Nasdaq: SBUX), and his wife Lynn have put their Escala condominium in downtown Seattle back on the market for $5.98 million.<\p> “We have had a great time living here in the city,” Howard told the Business Journal. “It is a fantastic location. You can walk anywhere. We have a lot of friends in the building, and everyone always wants to stay with us so we have a lot of guests.”<\p>
3 more food and drink options coming to Lincoln South Food Hall
Welcome to The Digest, the Business Journal's weekly roundup of restaurant news. On Fridays, I chronicle openings, closings and other happenings in the culinary and beverage scenes across the Puget Sound region. I also check in on where the top chefs are expanding, where to grab a business lunch and what's new in the restaurant scene. And yes, I work for tips — contact me at jthompson@bizjournals.com or 206-876-5440.<\p> The restaurant group behind Just Poke and Sugo Hand Roll Bar is bringing three new food and beverage concepts to downtown Bellevue. <\p>
Seattle marketing veteran joins C-suite at Qualtrics
Customer and employee experience company Qualtrics on Tuesday named longtime Seattle marketing leader Lynn Girotto as the company's chief marketing officer.<\p> Girotto will lead the company's communications, demand generation and pricing, among other functions. A Qualtrics spokesperson said that before Girotto's hire, the company's marketing had been led by Chief Operating Officer Brian Stucki.<\p>
Amazon to close Tukwila warehouse, will offer 172 employees new roles
Amazon.com Inc. (Nasdaq: AMZN) is shutting down a small delivery facility in Tukwila, affecting 172 employees, according to a Friday filing with the Washington State Employment Security Department.<\p> The warehouse, a Prime Now site internally named UWA5, is at 18323 Andover Park W. in the Seattle South Business Park. Amazon has operated two warehouses in Tukwila; the other is a larger facility called DWA2.<\p>
Patience Malaba on why every challenge presents an opportunity
Throughout my leadership journey, the words “every challenge presents an opportunity” have been my guiding light. They have elevated me in the face of the immense challenges we face in our region on housing affordability and have kept me grounded through the slow grind of progress. This balancing force, recognizing that opportunity springs from challenge, has allowed me to see with a clear vision the steps that must be taken to move our region closer to housing justice.<\p> Two years ago, I took the helm of the Housing Development Consortium, following in the footsteps of a lineage of courageous leaders dedicated over the decades to convene our members, leaders and communities toward the goal of increasing access to affordable housing in King County. HDC is the embodiment of a collective housing sector — bringing together over 210 organizations into an association working toward shared goals and common interests. As you might imagine, mobilizing hundreds of member organizations from a vast span of fields and purposes is incredibly challenging work, but it is work that has been most profoundly rewarding.<\p>
More workers are staying with their current employer in 2024
Most U.S. employees are now choosing to stay with their jobs instead of looking for new ones, a sharp turnaround from the job reshuffling that was common during the Covid-19 pandemic. <\p> A new survey by global advisory firm WTW found 72% of employees are choosing to stay with their employer — up substantially from the 53% who said the same thing in 2022. Back then, about 25% of workers were open to job offers, compared to just 11% now.<\p>
Prospective homebuyers are missing out as sellers cut their prices
The chronically troublesome housing market is seeing more price drops, but that doesn’t necessarily translate into relief for homebuyers.<\p> Data from real estate firm Redfin Corp. shows 6.4% of active listings on the platform had a price drop through the week ending May 26. While that's not a massive portion of listings, the percentage is substantially higher than the 4.4% of listings with price drops recorded during the same time in 2023.<\p>
A rising cost for companies and employees takes hold as summer arrives
Editor's Note: Welcome to The Playbook Edition, a look at stories, trends and changes that could affect your business and career. Want more stories like this in your inbox? Sign up for The Playbook newsletter. <\p> In the coming weeks, schools around the nation will be out, and many employees will find themselves scrambling for child care options.<\p>
Tacoma-based architectural firm joins national company
Tacoma-based McGranahan Architects merged with PBK Architects, the companies announced earlier this month.<\p> McGranahan focuses on educational buildings. Its portfolio includes Olympic View K-8 in Federal Way, Fife High School STEAM Center of Innovation and the Grant Center for Performing Arts in Tacoma.<\p>
Homebuilder software company raises $25M with plans to staff
Seattle-based homebuilder tool TraceAir has raised a $25 million Series B round.<\p> With the funding, which TraceAir announced Wednesday, the company is looking to expand its customer support, operations and sales teams, according to Samantha Burns, head of marketing at TraceAir. <\p>
Bothell contractor wins work on school projects worth $408M
Cornerstone General Contractors Inc. has been selected to build two replacement schools for the Edmonds School District.<\p> The Bothell-based builder on Wednesday announced it has been hired to build a dual-language elementary and a middle school, both in Lynnwood. The projects will use approximately $210 million from the $594 million construction bond voters passed in February.<\p>
Restaurant group that exited Avenue Bellevue project sued over bills
A restaurant group that once planned two high-profile restaurants at the $1 billion-plus Avenue Bellevue development is being sued after it exited the project. <\p> Montclair Hospitality Group was set to bring restaurants from Michelin-starred chef Masaharu Morimoto and James Beard-nominee Robbie Felice to the mixed-use project in downtown Bellevue, before exiting earlier this year after a string of delays. <\p>
Lorrie Baldevia on changing the game and how you play it
Many businesses have made moves that changed the game over last few years. From navigating a financial crisis, managing hybrid work environments and rebuilding talent pools for the future, we’ve watched clients close or sell their businesses, employees move out of state, communities rebuild and AI creep its way into the technology and communication playground. Leading an organization post-pandemic has taught us to focus on what matters. <\p> Relationships drive everything. The better the relationship with your employees, clients and community – the better you will fare.<\p>
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