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Puget Sound Business Journal
MainStreet Property's Kim Faust on the underrated skill of the hustle
In the dynamic arenas of basketball courts and boardrooms, the heartbeat of success, is teamwork and hustle. It is a collection of talents where each player’s unique skills work toward a shared triumph. I experienced that firsthand, transitioning from a childhood filled with various sports to focusing on basketball, which eventually led me to secure a college scholarship at Santa Clara University.<\p> There have been many times on the court when I wanted to give up and quit – when the physical demands, expectations and pressure felt like too much. My freshman year in college, I seriously considered quitting every day to avoid running and getting yelled at. But I was able to dig deeper and persevere. That mindset I developed has been critical to my successes in life.<\p>
FAA grants Amazon approval to expand drone deliveries
Amazon.com Inc. (Nasdaq: AMZN) gained Federal Aviation Administration approval that will allow it to expand its delivery drone operations to more U.S. locations, the company announced Thursday in a blog post.<\p> The FAA requires that commercial drone operators maintain a line of sight to their drones, but has given Amazon the green light to operate its drones without that restriction. Amazon said the FAA granted that permission thanks to onboard detect-and-avoid technology that the company has developed. <\p>
Stealth biotech startup Accipiter raises $7.9M, filing shows
Seattle-based biotech Accipiter Biosciences has raised $7.9 million, according to a Friday filing with the Securities and Exchange Commission.<\p> The funding was an equity raise, according to the filing, and Accipiter is looking to raise an additional $5.8 million. The filing lists Matthew Bick as CEO of the startup. Bick's LinkedIn page simply notes he is the CEO and co-founder of a stealth-mode biotech.<\p>
Alaska Air buys part of Longacres property — here's what it's planning
Alaska Airlines is putting down roots in Renton. <\p> The SeaTac-based airline acquired the North Building at Longacres in Renton for $85.75 million in a deal with Unico Properties that closed Thursday. <\p>
AAA Washington CEO: Fix the 'broken rung' on women's career ladder
Since becoming AAA Washington’s first female CEO, I’m frequently asked, “How did you get the top job?”<\p> It’s a good question, especially considering Bloomberg’s 2023 report that found only 8% of S&P 500 CEOs are women. Although this figure surpasses the number of CEOs named John, it starkly contrasts with the fact that women have made up 50.1% of the population since 2013.<\p>
Editor's notebook: Perks of homeownership may vary
When I joined the Puget Sound Business Journal in October 2014, I lived out of a Days Inn in Bellevue for six weeks. More specifically, me, my wife, my 9-month-old son and my 90-pound dog lived out of a Days Inn suite for six weeks.<\p> I share this to emphasize how much I dislike renting. Living out of a cramped hotel room for a month and a half was — admittedly — an act of defiance. I wanted to find a home before the housing market was out of our reach. <\p>
Snohomish County awards grants to small businesses hit by pandemic
Snohomish County has awarded $350,000 in grants to 50 local small businesses through its Small Business Innovation Assistance (SBIA) program. The county announced the recipients last week.<\p> Nearly half the businesses receiving awards provide child care (44%). Other industries represented were manufacturing and retail (33%) and food production and food services (23%).<\p>
Easy Metrics seeks acquisitions after securing private equity funding
Bellevue-based labor analytics tool Easy Metrics is looking to grow after raising $31 million from private equity firm Nexa Equity.<\p> With the funding, which Easy Metrics announced May 21, the company is hunting for acquisitions, according to co-founder and Chief Technology Officer Dan Keto. Targets could include new technologies, he added.<\p>
UW Tacoma chancellor on why asking for help is a sign of strength
Over and over again in my career, I have reaped the benefits of two practices: mentorship and asking for help. Without the encouragement and support of mentors and helpers, I would not be where I am. <\p> I now believe providing both mentorship and support to others will be part of my legacy — and encouraging other leaders to do the same is a way I amplify the impact of the lessons I have learned.<\p>
Low-income housing coming to downtown Bellevue
The Low Income Housing Institute on Wednesday said it's buying a mid-rise building on the east edge of downtown Bellevue.<\p> It's the latest effort by a low-income housing provider to site housing for formerly homeless veterans, people with disabilities and others in the core of a suburban city. Kenmore faced blowback from citizens earlier this year and rejected a permanent supportive housing project, which Redmond accepted.<\p>
Dan Price returns to Gravity Payments after resigning as CEO
Dan Price, the CEO known for championing progressive causes before resigning amid assault allegations, is back at Seattle-based Gravity Payments.<\p> Price on Tuesday posted on LinkedIn he is back full-time at the payments company he founded in 2004. He resigned in 2022 after a woman accused him of cornering her in his car after a meeting on Capitol Hill, forcibly trying to kiss her, driving her while drunk and grabbing her neck.<\p>
Former Seahawks player makes a play for wine drinkers in Woodinville
A former Seattle Seahawks wide receiver is bringing his winery to Woodinville, with hopes it will catch on. <\p> Sidney Rice and business partner Tim Lenihan will soon open the new tasting room for the winery, Dossier, at 15029 Woodinville Redmond Road NE, in the former Cascade Cliffs Vineyard and Winery space. <\p>
Seattle names interim police chief, shifts Diaz to new role
Seattle Mayor Bruce Harrell on Wednesday appointed former King County Sheriff Sue Rahr interim police chief to replace Adrian Diaz, whose administration faces allegations that the police force has discriminated against women and people of color.<\p> Emotions ran high at a press conference, where Diaz and Rahr flanked the mayor, who praised Diaz.<\p>
Lawsuit targeting small-business grant program is tossed
A judge has tossed a lawsuit targeting Progressive Insurance and small-business funding platform Hello Alice for a grant program offered to Black small business owners.<\p> The decision, handed down by the U.S. District Court for Northern Ohio, found plaintiff Nathan Roberts, owner of Cleveland-based Freedom Truck DIspatch LLC, lacked the standing to sue the companies over a grant program it offered to Black small-business owners to purchase a new truck.<\p>
Goldman Sachs group helps finance Seattle workforce apartment project
A women-led Seattle-area development company has obtained financing from a New York City women-owned impact investing company for an eight-story, mixed-income apartment building that's under construction in Seattle's Lower Queen Anne area.<\p> Snohomish-based Koz and MSquared announced the financing Tuesday for the $48 million workforce housing development at 312 W. Republican St. The 169-unit development is under construction and scheduled to be finished in 2025.<\p>
Affordable housing project opens on Seattle church property
The 86-unit Good Shepherd House is set to open Wednesday at 1415 22nd Ave. in Seattle's Central District.<\p> The seven-story, 51,000-square-foot affordable housing project was developed through a partnership between the Low Income Housing Institute and the Lutheran Church of the Good Shepherd.<\p>
Hiring tech startup Humanly acquires San Francisco competitor
Humanly, a hiring tech company with dual headquarters in Seattle and Sacramento, California, has acquired competitor Teamable, which is headquartered in San Francisco.<\p> The companies announced the deal Tuesday but didn't disclose financial terms. A Humanly spokesperson said Teamable had 22 employees, "a limited number" of whom are joining Humanly, which has just under 50 employees with the acquisition.<\p>
T-Mobile strikes deal to buy most of wireless carrier for $4.4B
T-Mobile US Inc. (Nasdaq: TMUS) is planning to buy U.S. Cellular Corp.'s (NYSE: USM) wireless operations, which would expand its reach with 4 million new customers, the companies announced Tuesday.<\p> The deal is valued at $4.4 billion and will include U.S. Cellular's customers, stores and about 30% of its spectrum assets, furthering consolidating cellular options for American consumers. T-Mobile's 5G network would also be available to more rural areas of the country with the deal.<\p>
PitchBook appoints permanent leader after CEO's departure
Seattle-based financial data firm PitchBook has named a replacement for founder John Gabbert, who earlier this month announced plans to step down as CEO.<\p> On Wednesday, PitchBook parent company Morningstar announced Rod Diefendorf, PitchBook's chief operating officer, will also assume the role of president, taking over the leadership duties at the firm. Diefendorf and the rest of PitchBook's executive team had been handling management duties on an interim basis before Wednesday's announcement made Diefendorf's appointment official.<\p>
Selig portfolio misses $239M debt deadline, risks 'imminent default'
Loans secured by seven Martin Selig Real Estate (MSRE) Seattle office buildings matured earlier this month and have been transferred to a special servicer due to what loan servicing documents characterize as imminent monetary default.<\p> Three tranches of interest-only commercial mortgage-backed securities (CMBS) loans total $238.9 million and are secured by Class A and B buildings that are between 15 and 54 years old and spread across the urban core.<\p>
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