Choose your location
Puget Sound Business Journal
IRS announces when payments on ERC claims will resume
The Internal Revenue Service plans to deny tens of thousands of improper Employee Retention Credit applications even as it promises to renew processing legitimate claims.<\p> The agency in an announcement this week said it had taken the time since its Sept. 14 moratorium on processing new ERC applications to analyze the more than 1 million ERC claims filed in 2023 — and found that between 60% and 70% showed an unacceptable level of risk.<\p>
'Rare' deal makes First Hill apartments permanently affordable
A multifamily property known for its size and long-term presence on Seattle's First Hill has been sold, permanently keeping more than 350 apartments affordable.<\p> Real estate company SRM on Thursday announced the $84 million purchase of the two-tower, full-block Mill property, which was built in 1949.<\p>
Tacoma retail center fetches nearly $13M
Four buildings in the Westgate South shopping center traded last week for nearly $13 million, according to Pierce County records.<\p> An entity affiliated with Dallas-based Crow Holdings is the buyer. The seller is Los Angeles-based MROF I SPE II-Westgate LLC, which has an address linked to multiple investment firms, including Partners Capital and Archway Partners.<\p>
Getty Images co-founder leaves company's board
Seattle-based photo marketplace Getty Images Holdings Inc. (NYSE: GETY) disclosed in a Tuesday regulatory filing that co-founder and former CEO Jonathan Klein has left the company's board.<\p> Klein served as CEO from Getty's founding in 1995 until 2015, according to his LinkedIn page. In the Securities and Exchange Commission filing, Getty said Klein's resignation was not tied to any disagreement with the company.<\p>
What's next in the NAR commission lawsuit settlement?
Some big deadlines are on the horizon for the class-action lawsuits that swept the residential real estate industry over the past year. <\p> The conclusion of these lawsuits could bring about significant changes to how homes are bought and sold beginning in the later part of 2024.<\p>
35 Washington ZIP codes rank among the Wealthy 1000
Nearly three dozen ZIP codes in Washinton rank among the nation's 1,000 wealthiest places, and Seattle leads the way with 43% of the state's most affluent neighborhoods on the list.<\p> That’s according to The Business Journals' Wealthy 1,000, a new ranking of the nation's wealthiest ZIP codes based on a weighted formula that factors in a variety of metrics. <\p>
Ste. Michelle is selling off another wine label
Ste. Michelle Wine Estates, the largest wine producer in Washington, is selling its share of Col Solare to longtime business partner Marchesi Antinori, a family-owned Italian wine company with roots dating back to 1385. <\p> The two wine companies started Col Solare as a joint venture in 1995, opening the first winery and planting its 29-acre estate vineyards in Benton City in 2007. Financial terms of the sale were not disclosed. <\p>
HomeStreet shareholders OK merger deal
Seattle-based HomeStreet Inc. (Nasdaq: HMST) and its subsidiary HomeStreet Bank on Tuesday announced its shareholders have approved its merger with Denver-based FirstSun Capital Bancorp, the holding company of Sunflower Bank.<\p> The banks first announced the deal in January and said it should close in the middle of the year. HomeStreet Chief Financial Officer John Michel said the bank didn't have an updated closing date.<\p>
Less than 10% of office stock in major metros considered 'prime' space
Less than 10% of the office space across some of the nation's major metropolitan markets is considered "prime" real estate, the type of property today's tenants prefer.<\p> A recent analysis by CBRE Group Inc. (NYSE: CBRE), the findings of which were shared first with The Business Journals, found 830 buildings across 57 cities analyzed could be categorized as "prime" properties, representing 8% of all office square footage in those markets. Although the definition of "prime" can vary by market, sometimes dramatically, the analysis set out to identify the highest-quality buildings in each city and examine how that segment of the market is performing relative to the broader office sector.<\p>
KPMG US CEO touts investments in Microsoft Copilot and Seattle
KPMG US is putting new tools in its employees' hands.<\p> Paul Knopp, the KPMG US CEO, said the firm has decided to give the artificial intelligence tool Microsoft Copilot to all of its more than 40,000 employees. For KPMG, the decision gives the accounting and consulting firm an edge with talent.<\p>
Editor's notebook: This is a workforce lost in space
Seattle’s space sector is often overlooked — not by the people who would have the strongest reaction to that statement, but rather by those who don’t regularly interact directly with space tech.<\p> The space sector is a force, employing about 12,000 people across Washington’s aerospace supply chain and generating an estimated $5 billion in economic activity for the state.<\p>
White Center housing development secures $47M
A planned 76-unit mixed-use community in White Center recently secured $46.6 million in construction financing.<\p> Capital One announced last week that it closed on financing for two planned structures, which will be located on 2.8 acres at 10821 8th Ave. SW. The financing includes a $23.2 million low income housing tax credit (LIHTC) equity investment and $23.4 million in construction debt. <\p>
Engineering firm listed as tenant in former Microsoft space
An engineering firm could take a few floors of space in Bellevue's City Center Plaza, signaling that the office tower won't be filled by a single tenant after Microsoft Corp. (Nasdaq: MSFT) vacated it last year.<\p> Permit applications filed with the city of Bellevue over the past month list HDR Engineering — an Omaha, Nebraska-based firm with offices in Seattle and Bellevue — as the tenant for floors 11 and 12 of the office tower at 555 110th Ave. NE. That's roughly 46,000 square feet worth of office space.<\p>
Pickleball courts and more tenants coming to Rainier Square
Wright Runstad & Co. is adding two pickleball courts to Rainier Square, which saw robust leasing activity in the first quarter as users ate away at more of the 720,000 square feet that Amazon never occupied.<\p> CoStar data indicates around 165,170 square feet was sublet from Amazon last quarter, leaving only about 138,500 square feet still available. A CoStar representative confirmed that's how much space that's actively listed for lease on its site.<\p>
Starbucks launches loyalty partnership with major hotel brand
Starbucks Corp. (Nasdaq: SBUX) is linking another brand to its loyalty program in a bid to drive membership and repeat business. <\p> On Tuesday, the Seattle-based coffee company announced it was joining up with Marriott Bonvoy, enabling customers enrolled in both rewards programs to earn Starbucks and hotel loyalty points with their purchases. <\p>
Nominations for directors of the year close Friday
Each year, the Business Journal recognizes board directors who have made outstanding contributions to a range of companies and organizations across the Puget Sound region.<\p> The nomination period for this year's Director of the Year program closes Friday, June 21. You can fill out a nomination form here.<\p>
New Alaska Airlines home at San Francisco airport readies for opening
Alaska Airlines provided an early look at its much-anticipated new home in Harvey Milk Terminal 1 at San Francisco International Airport.<\p> Alaska (NYSE: ALK) will operate 10 gates in Terminal 1, starting June 19. The new gates will give the SeaTac-based carrier’s planes shorter taxi time and faster access to the runways, saving time and fuel, the airline said.<\p>
Indian grocer chooses Amazon building for first Seattle location
An Indian grocery chain with locations on the Eastside is coming to Seattle. <\p> Mayuri Foods is filling 10,240 square feet at the base of an Amazon office building in South Lake Union at 1001 Mercer St., in a former Bartell Drugs store. It's set to open this year. <\p>
Omeros names chief accounting officer from within
Seattle-based biopharmaceutical company Omeros Corp. (Nasdaq: OMER) named David Borges as the company's chief accounting officer in a Wednesday regulatory filing.<\p> Borges joined Omeros in June 2020 and will take over the role at the end of this month. Prior to the promotion he has served as the company's associate vice president of financial planning and analysis. Borge is replacing Michael Jacobsen, who has worked at Omeros for 10 years but is retiring at the end of the month. <\p>
Puget Sound Business Journal
5K+
Posts
968K+
Views
The Seattle region's source for local business news, breaking news alerts, newsletters, business intelligence and local business networking. An American City Business Journals publication.
Welcome to NewsBreak, an open platform where diverse perspectives converge. Most of our content comes from established publications and journalists, as well as from our extensive network of tens of thousands of creators who contribute to our platform. We empower individuals to share insightful viewpoints through short posts and comments. It’s essential to note our commitment to transparency: our Terms of Use acknowledge that our services may not always be error-free, and our Community Standards emphasize our discretion in enforcing policies. We strive to foster a dynamic environment for free expression and robust discourse through safety guardrails of human and AI moderation. Join us in shaping the news narrative together.