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Puget Sound Business Journal
Seattle accelerator Spectral to acquire Hong Kong cloud company
Seattle-based accelerator Spectral Capital Corp. is acquiring Node Nexus Network, a cloud computing company based in Hong Kong.<\p> Spectral expects the deal, which was announced Friday, to close by the end of July, according to a news release. <\p>
Industrial giant to redevelop Port of Tacoma property
Prologis Inc. is planning a $50 million redevelopment of one of its industrial buildings located in the heart of the Port of Tacoma, according to documents filed with the city of Tacoma.<\p> The San Francisco-based industrial real estate giant submitted pre-application documents for the project, called Building 9, earlier this month.<\p>
Bellevue mayor credits Amazon for city's affordable housing gains
Since Amazon.com Inc. (Nasdaq: AMZN) launched its Housing Equity Fund in 2021, the fund has helped Bellevue double its affordable housing stock, Mayor Lynne Robinson said in a LinkedIn post on Tuesday.<\p> The fund — initially $2 billion and later upped to $2.2 billion — has contributed to the creation and preservation of 1,488 housing units in Bellevue for residents making up to 80% of the area median income (AMI). <\p>
Group of retailers shutter at Pioneer Square's RailSpur project
A restaurant, a coffee house, a corner market and a bike shop at the RailSpur development in Pioneer Square have closed. <\p> The four businesses opened on the ground floor of 115 S. Jackson St. starting in November 2022. They were part of a full-block development known as RailSpur from Denver-based Urban Villages meant to help revitalize the historic neighborhood with new retail, a hotel, housing and office space. <\p>
Kidder Mathews promotes longtime employee to lead division
Kidder Mathews on Tuesday announced the promotion of Erin French to president of asset services.<\p> French, who leads the division across the company's offices in Washington, Oregon, California, Arizona and Nevada, was promoted from chief operating officer in recognition of her leadership, operational skills and business development success, Kidder Mathews Chairman and CEO Bill Frame said.<\p>
Bay Area corporate card unicorn to open Seattle office
San Francisco-based corporate card startup Brex is opening a downtown Seattle office.<\p> A Brex spokesperson on Wednesday confirmed the move, adding that the company has more than 200 employees in the Pacific Northwest, including more than 60 in the Seattle area. The spokesperson didn't immediately provide details about the size or precise location of the office or when it will open. <\p>
Alaska Airlines partnership adds new way for flyers to cross the pond
Alaska Airlines (NYSE: ALK) is expanding its partnership with British Airways, allowing travelers to book direct flights from Seattle to London through Alaska's website.<\p> British Airways operates two daily direct flights from Seattle-Tacoma International Airport and London Heathrow.<\p>
UW President Ana Mari Cauce to retire next year
University of Washington Ana Mari Cauce on Wednesday said she will step down from her leadership role next year and return to her faculty role.<\p> Cauce, who announced her plan to the campus via video, is among the longest-tenured presidents of the UW, which initially hired her in 1986 as an assistant psychology professor.<\p>
NAR settlement threw a wrench into VA loans but a fix is coming
The class-action lawsuits that rocked the residential real estate industry over the past year have resulted in nearly $1 billion in settlements so far — and also put in place changes that could have hurt veterans’ ability to shop for homes.<\p> The National Association of Realtors and big brokers such as RE/MAX Holdings Inc., Anywhere Real Estate Inc. and Keller Williams Realty Inc. agreed to prohibit mandatory so-called “cooperation agreements,” in which sellers pay both the selling agent and the buyers agent commission for a sale, in exchange for being allowed to list a home on a multiple listing service.<\p>
Editor's notebook: It takes a village, but an office might suffice
Child care is a quiet crisis in the Puget Sound region and throughout the U.S. The lack of accessible and affordable child care options has forced many families to appoint a primary earner and a primary caretaker.<\p> While these decisions don’t necessarily surface in unemployment statistics, which was 3.9% in Seattle last month, the lack of eligible workers weighs on the job market.<\p>
Constantine updates plan to remake 7 blocks in downtown Seattle
King County Executive Dow Constantine on Tuesday used his State of the County address to talk about his Civic Campus Initiative, which he introduced a year ago.<\p> Spanning seven blocks of obsolete buildings and other aged facilities, it could become one of the nation's largest urban redevelopments, with the potential for thousands of residential units in what Constantine described as a mixed-income community in a low-emission, clean energy district with affordable retail spaces and safe public places.<\p>
Owners change course on plans for development site near Tacoma Dome
An owner of a Tacoma property south of downtown where a hotel and apartment project had been in the works says plans for the site have changed.<\p> Benny Kim, who owns the 1.5-acre site at 2801 S. C St. with Sang and Keum Woo of Olympia, told the Business Journal on Tuesday that the original projects were no longer happening.<\p>
Remitly hires former Google executive for C-suite role
Seattle-based remittance company Remitly Global Inc. (Nasdaq: RELY) on Tuesday named Spyro Karetsos as its chief compliance officer.<\p> Karetsos is joining Remitly from Google, where he spent more than three years as chief compliance officer. A Remitly spokesperson said Karetsos replaced Bridget Abraham, who left the company in April. She is now the chief compliance officer at the business software company Rippling, according to her LinkedIn page.<\p>
Flyhomes deploys AI search tool to compete with Redfin and Zillow
Seattle-based real estate tech company Flyhomes has acquired San Francisco-based artificial intelligence startup ZeroDown.<\p> Flyhomes acquired ZeroDown in January and spent the past five months integrating ZeroDown's technology before announcing the deal Tuesday. With the acquisition, Flyhomes has launched an AI-powered home search tool to compete with heavyweights like Redfin and Zillow.<\p>
Amazon reloads multibillion-dollar affordable housing fund
Amazon.com Inc. (Nasdaq: AMZN) will bolster its now fully committed $2.2 billion Housing Equity Fund with an additional $1.4 billion, the company announced Tuesday.<\p> Out of the fund, which launched in 2021, Amazon has made below-market-rate loans and grants that have, together with public subsidies, created or preserved some 21,000 affordable units across its three hub regions: Seattle; Washington, D.C.; and Nashville, Tennessee. The additional dollars are anticipated to support another 14,000 homes, Senthil Sankaran, the fund’s managing principal, told the Washington Business Journal. <\p>
WeWork emerges from bankruptcy, appoints new CEO
After filing for bankruptcy protection in November, New York-based WeWork Inc. said Tuesday it has emerged from Chapter 11 and completed its operational and financial restructuring.<\p> The coworking giant's new era will include a new board of directors and a new chief executive. John Santora will become WeWork's new CEO, effective Wednesday. Santora joins WeWork from commercial real estate firm Cushman & Wakefield PLC (NYSE: CWK), where he most recently served as the firm’s Tri-State chairman.<\p>
King County buys Seattle's Dexter Horton Building at steep discount
King County has agreed to buy the landmark Dexter Horton Building for $36.6 million, or less than a quarter of what the building traded for five years ago.<\p> The County Council approved the sale May 28 in a 8-1 vote, after a lot of questioning. Some members eyed the assertion the purchase will save money for the county, which leases space in the 15-story, 100-year-old building located a block from the King County Courthouse, at 710 Second Ave.<\p>
FareStart Restaurant to reopen with full slate of guest chefs
Seattle culinary nonprofit FareStart is reopening its Denny Triangle restaurant and tapping several high-profile Seattle chefs to help out. <\p> The space at 700 Virginia St. closed in 2020 amid the pandemic. It's set to reopen June 27 with the return of its three-course set menu dinners led by guest chefs, with proceeds used to support FareStart's programs. <\p>
Snohomish County industrial sale the region's biggest this year
Four buildings in Arlington's Gayteway Business Park traded in late May for $70.6 million. The Snohomish County transaction is the region's largest industrial deal so far this year.<\p> Chris Gayte, managing partner of Gayteway developer GS Venture Partners, and Brent Nicholson are the sellers. They were represented by the CBRE team of Brett Hartzell and Paige Morgan. Al Hodge of Broderick Group assisted on the transaction.<\p>
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