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Puget Sound Business Journal
Judge boots Point Ruston receiver
Los Angeles-based Stapleton Group Inc. was named receiver for seven properties at Point Ruston in Tacoma by Pierce County Superior Court Judge Stanley Rumbaugh in late June. <\p> Stapleton will replace Lynnwood-based Resource Transition Consultants, which became the court-appointed receiver in May 2023, after lender TerraCotta Real Estate Services sued to collect tens of millions in debt owed on the properties.<\p>
Puyallup Tribe acquires Tacoma property
The Puyallup Tribe of Indians acquired a warehouse property near the Port of Tacoma for $7.95 million on Monday, adding to other recent commercial real estate purchases by the tribe.<\p> The transaction included a pair industrial buildings at 2148 Port of Tacoma Road, with one 45,600 square feet and the other 3,000 square feet, public records show.<\p>
Microsoft, Google among backers of $65M round for Seattle company
Seattle-based renewable energy marketplace LevelTen Energy has raised a $65 million Series D round.<\p> The funding, announced Tuesday, brings LevelTen's total funding since its 2016 founding to over $125 million. In a news release, LevelTen said it will use the funds to expand beyond its current 32 markets in North America and Europe, as well as serve more types of users.<\p>
Seattle Aquarium sets opening date for $170M Ocean Pavilion
The Seattle Aquarium on Tuesday announced the new Ocean Pavilion will open Aug. 29.<\p> The $170 million project is a key component of the city's Waterfront Park, which is scheduled for completion early next year.<\p>
Telecom giant takes former T-Mobile office space along I-90
Verizon Communications Inc. (NYSE: VZ) is taking space along Interstate 90 in Bellevue.<\p> According to the second quarter Eastside Office Market Overview from the commercial real estate firm Broderick Group, the telecommunications giant is subleasing 32,682 square feet from rival T-Mobile at 90 North, located at 3255 160th Ave. SE. <\p>
Global firm acquires empty Seattle life science building
An entity related to global investment company KKR & Co. has acquired an empty Seattle life science building, Cascadian, for $161.76 million, according to a deed in lieu of foreclosure that King County posted Friday.<\p> A KKR spokesperson Monday wrote in an email that the company intends "as owners to position the property for success. ... We plan to invest fresh capital to deliver new amenities and attract a roster of high-quality tenants.”<\p>
Business Journal honors 13 board directors in Seattle area
A board of directors can provide critical guidance in moments of crisis and clarity when a company is at a crossroads. The Puget Sound Business Journal is recognizing 13 directors who have long track records of board stewardship and governance.<\p> The Business Journal's eighth annual Directors of the Year program will honor them during a dinner reception Sept. 12, along with a special report highlighting their achievements in that week's print edition. <\p>
Hobby Lobby shutters Tacoma store
Hobby Lobby has left its space near Target in the Tacoma Central shopping center.<\p> The company vacated the 61,484-square-foot space at 3130 S. 23rd St. earlier this month. The arts and crafts retailer still has South Sound stores in Lakewood, Puyallup and Olympia.<\p>
New Pierce County apartment complex sells to WA investor
Real estate investment firm Fourth Avenue Capital acquired the 78-unit Alder Walk apartments in Frederickson in a deal recorded July 11 in Pierce County.<\p> The sales price for the property at 7722 176th St. E. was $21.3 million, or about $273,077 per unit. <\p>
Colliers in Bellevue lures veteran broker from competitor
Ryan Olson, a partner at NAI Puget Sound Properties, has been named a senior vice president at Colliers' Bellevue office, Colliers (Nasdaq: CIGI) said Monday.<\p> Olson, who was elected to the Clyde Hill City Council last year, has a diverse professional background, having advised tech companies and family-owned real estate portfolios.<\p>
Woodinville company inks $300M-plus deal
Woodinville-based battery technology company Group14 Technologies has signed a major deal with German battery cell company CustomCells.<\p> On July 8, Group14 and CustomCells announced Group14 will produce its silicon battery powder for CustomCells. The companies said the deal should exceed $300 million for Group14 to supply CustomCells' technology beyond 2030.<\p>
Seattle general contractor faces big World Cup deadline
Sellen Construction has been hired to build Elliott Bay Connections, a public-private partnership backed by high-profile philanthropists and Expedia Group (Nasdaq: EXPE).<\p> The Elliott Bay Connections (EBC) project aims to connect and restore public parks along the bay, from Pier 62 just north of the Seattle Aquarium to the beach at Expedia's headquarters. <\p>
Major national retailer confirms closure at Westlake Center
Downtown Seattle will soon lose another national retailer in a marquee space. <\p> On Monday, Saks Off 5th confirmed plans to close its 36,000-square-foot store at Westlake Center on July 20, after more than six years at the mall. <\p>
Qumulo names former Arista, Cisco exec as CEO
Seattle-based data management company Qumulo is welcoming a new CEO.<\p> On July 9, the company named former Arista Networks and Cisco executive Douglas Gourlay as its CEO. Gourlay is replacing Bill Richter, who had led Qumulo as CEO since 2016.<\p>
CMBS apartment distress surges as operators struggle to refinance
Distress in the multifamily sector of commercial real estate is mounting as debt issued during a time of ultra-low interest rates is coming due.<\p> Among commercial mortgage-backed securities loans for single-borrower, large multifamily properties, the rate of distress is up 185% in the past six months, according to an analysis by Wayne, Pennsylvania-based commercial real estate data-analytics platform CRED iQ.<\p>
Looming budget woes spark debate over JumpStart Seattle tax
Dozens of people sat on the stairs at Seattle City Hall on June 4, holding signs that read, “Stop balancing the budget on the backs of BIPOC communities” and “Hands off EDI.” <\p> The people and the signs provided a backdrop for a news conference local organizations staged to protect funding to the Equitable Development Initiative (EDI), a program under the Office of Planning and Community Development that helps organizations develop housing, cultural centers, child care and more. <\p>
Amazon gives rare look inside new Sonic tower in Bellevue
Amazon.com Inc. (Nasdaq: AMZN) last week gave a rare tour of its new Sonic office tower in Bellevue, and the interior design team shared insider details.<\p> "This was a long project and a very large project. We of course ran into a lot of things that we had to problem-solve through," SABA+BA Principal Steve Erickson told about 200 members of the commercial real estate industry gathered in the courtyard of Sonic, which at 600 feet is Bellevue's tallest tower.<\p>
Outgoing Providence CEO to take 'emeritus' role
Preparing for retirement hasn’t distracted Rod Hochman from the questions that will shape the future of health care.<\p> After a 45-year career as a physician and administrator, the Providence CEO announced his plan to hand over leadership of Washington’s largest health care system at the end of the year.<\p>
These WA cities rank among the most expensive for senior housing
Some of the nation’s highest assisted living costs are hitting Washington’s senior citizens.<\p> Three Washington cities made the top 15 of Seniorly’s recently released list of most expensive places for assisted living. Washington ranked as the third most expensive state with 17 cities in the top 200.<\p>
Realtor/home builder couple put Kirkland home up for sale (Photos)
Mark and Sheri Putzke recently listed their 5,560-square-foot Kirkland home for $6 million.<\p> It is the fourth home the home builder/Realtor couple has built together, and they consider it their best so far.<\p>
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