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Puget Sound Business Journal
Social housing backers move to put payroll tax before Seattle voters
Backers of Initiative 137 on Monday submitted to the Seattle City Clerk 37,819 signatures on a petition that seeks to levy a payroll tax on high-income earners to fund the new Seattle Social Housing Developer (SSHD).<\p> That's about 11,300 more voter signatures than needed to get the measure a ballot, possibly November's.<\p>
Seattle video game studio raises $5M
Seattle-based video game studio Starform has raised $5 million.<\p> The company disclosed the funding in a Friday regulatory filing. The money comes after Starform in November launched its first game, Metalstorm.<\p>
Popular New York cocktail bar to open outpost in Pioneer Square
A fourth retail tenant is coming to the former F.X. McRory's space in Pioneer Square. <\p> A New York City-based cocktail bar called Death & Co. will open at the base of 419 Occidental Ave. The redevelopment of longtime Seattle bar F.X. McRory's is part of the three-building RailSpur micro-district project from Denver-based Urban Villages, which will also include a hotel, additional retailers and office space. <\p>
These jobs soared during the pandemic and are here to stay
Part-time job listings soared during the Covid-19 pandemic and have yet to recede — a potential sign that both workers and employers see benefits in the arrangements. <\p> Beginning in early 2022, the share of part-time jobs posted on job-search engine Indeed grew 10% before leveling off in 2023. <\p>
NAR settlement means 'summer of uncertainty' for real estate agents
Teresa King Kinney is no stranger to abrupt change in the real estate industry — and the National Association of Realtors' recent settlement is no exception.<\p> She’s been the CEO of the Miami Association of Realtors and its 60,000-plus agents since 1993. In that time, she's navigated several recessions, the Global Financial Crisis and the turbulent, unpredictable Covid-19 pandemic.<\p>
National jeweler to open first Washington store in Bellevue
New York jewelry brand David Yurman plans to open its first Washington store in Bellevue later this year. <\p> The jeweler is set to fill 2,000 square feet at Bellevue Square, according to permits filed with the city. It's set to open in November, a spokesperson with the mall told the Business Journal. <\p>
Nomination deadline for CRE Leadership Awards closes Friday
The Business Journal is seeking nominations for business leaders who are driving some of the region’s most impactful, innovative and intriguing commercial real estate projects.<\p> The deadline to submit a nomination for the Business Journal's CRE Leadership Awards is Friday, June 28. <\p>
TikTok grabs more Bellevue office space left behind by Microsoft
TikTok is expanding in downtown Bellevue's Lincoln Square North tower after recently leasing about 150,000 square feet of former Microsoft Corp. (Nasdaq: MSFT) office space.<\p> The space was being listed as available by commercial brokerage firm the Broderick Group until last week, website data showed. The Broderick Group confirmed to the Business Journal that floors nine and 11 through 16 were recently leased but declined to disclose the tenant.<\p>
New JPMorgan Chase CTO resigns from F5 board
Seattle-based cybersecurity company F5 Inc. (Nasdaq: FFIV) is shrinking the size of its board following the departure of a director.<\p> Former PayPal executive Sri Shivananda is resigning from the board because of "a change of responsibilities and requirements relating to his current employment," according to a Friday regulatory filing. Shivananda is taking over the chief technology officer role at JPMorgan Chase, Reuters reported earlier this month.<\p>
Buyer emerges for Point Ruston retail building
TerraCotta Real Estate Services appears poised to acquire a retail building in Tacoma's Point Ruston mixed-use development after a ruling in Pierce County Superior Court on Friday.<\p> Building 18 — which is home to Farrelli's Pizza, Ice Cream Social and several other businesses — is one piece of a seven-property portfolio at the center of an ongoing legal battle involving Point Ruston developer Loren Cohen and TerraCotta, a lender.<\p>
Modern Hydrogen CEO charts the company's growth
Woodinville-based hydrogen heating company Modern Hydrogen is walking before it runs.<\p> The company, which makes devices to decarbonize natural gas, has shipped two devices to clients so far, with another slated for this year and another slated for the year after that. Modern Hydrogen co-founder and CEO Tony Pan wants to get the manufacturing right during this phase of its growth.<\p>
Kraken SVP shapes vision, values and culture on and off the ice
Mari Horita’s role as senior vice president of social impact and government relations for the Seattle Kraken hockey team is a far stretch from her first job as an attorney specializing in commercial real estate.<\p> But her current position — which heavily focuses on equity and inclusion — makes sense. Her mother Lillian Horita spent three years living in Japanese incarceration camps as a pre-teen during World War II. Through her mom’s experience, she understands the importance of advocating for those without a voice.<\p>
Are retailers sold on downtown Seattle?
Downtown Seattle’s largest mall — built as part of the city’s urban renewal efforts of the ’90s — sold last month for $88.25 million, about a quarter of its value a decade ago. <\p> When Pacific Place changed hands in 2014, it was nearly full. Today, it’s 55% vacant. That’s one symptom of what Jennifer Seversen, who’s been leasing retail properties in and around downtown Seattle for decades, calls the “quintuple whammy” that hit downtown Seattle retail in the aftermath of the pandemic. <\p>
Veeam CEO lays out growth plans for Seattle area
Kirkland-based cybersecurity company Veeam is looking to bolster its presence in the Seattle area.<\p> The company has about 80 of its more than 5,500 total employees based out of the Kirkland office in Carillon Point, which opened in September. Veeam was previously based in Columbus, Ohio, where it still has about 300 to 350 employees, but Veeam CEO Anand Eswaran felt the Seattle area was a good fit and has called the area its headquarters for several months.<\p>
As one Seattle-area labor strike ends another begins
A 10-week strike by Seattle-area electrical workers has been settled, but labor strife continues with another trade unanimously authorizing a strike.<\p> Electricians who install and maintain fire alarms and other life-safety systems negotiated a contract that includes a 19% raise, or $12.50 an hour in combined wages and benefits, over three years.<\p>
The Playbook: The disconnect on vacation is getting better
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> While many organizations have embraced hybrid work, there’s a chance it may not be the best option for certain groups of workers. <\p>
Your next Amazon delivery might look different. Here's why.
If you get a package from Amazon.com Inc. (Nasdaq: AMZN) over the next year, there's a good chance it won't contain any plastic.<\p> The company said Thursday that it has eliminated about 95% of its plastic air pillows used for packaging in North America by swapping it for recyclable paper. Amazon plans to replace all of it by the end of the year.<\p>
International grocery store opens in Vulcan building
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> An international market and grocer opened Friday at the base of a Vulcan Real Estate building in Seattle's Central District. <\p>
Retail tech startup raises $50M seed round
Daydream, an artificial intelligence startup with headquarters in Kirkland and New York City, has raised a $50 million seed round.<\p> The funding, announced Thursday, comes as the startup plans to launch a beta of its platform this fall. Daydream uses AI to help consumers search specific styles, according to its website.<\p>
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