Jun 02, 2023

Department of Veterans Affairs

Gilbert

Solomon Gilbert is the new deputy director of the state Department of Veterans Affairs. Gilbert has over 22 years of leadership and management experience, including enterprise-level supervision of staff across a large geographic region. His background includes service in the nonprofit sector as the senior vice president and HR director for the YMCA of Greater Seattle. Before that, he was HR administrator within the state Department of Children Youth and Families. Gilbert also served 21 years in the United States Army, where he performed a myriad of high-impact functions, including working at the Pentagon.

UFCW 3000

United Food and Commercial Workers 3000 has created the Essential Workers Organizing Academy, an initiative to develop the next generation of worker-leaders. The union says it is dedicating resources to train new worker-organizers, assist in organizing their workplaces, and collaboratively develop new organizing campaigns. The program combines formal training, readings and instruction with hands-on organizing experience. UFCW 3000 is targeting five to 10 new worker-organizers for its pilot year of the academy.

Jun 01, 2023

Jim Klinger, RIP

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Veteran broker Jim Klinger retired from Kidder Mathews several years ago. Prior to the Memorial Day weekend, Puget Sound Business Journal reported this week, he died after a long illness. Klinger is best known, over a long career, for his close work in helping the late Paul Allen and his Vulcan Real Estate amass so many acres in South Lake Union. That effort built on the failed Seattle Commons initiative of the 1990s, leaving Allen with about 11 acres he had intended for a park. By 2008, before Amazon came to SLU, that figure had risen to some 60 acres, most of it now redeveloped. Klinger's survivors include son and KM broker Ross Klinger. In many ways, modern bustling SLU is a monument to both Allen and the late Klinger.

New self-storage brand in town

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Founded three years ago in New York, Stuf — yes, with only one f, because that's more streamlined and hip — is a new self-storage platform targeting underutilized space in office buildings. That generally means basements, not actual office space, founder Katharine Lau said in February, following an $11 million fundraising effort. Now Stuf has announced its first two Seattle locations: what most would call the Masins Block in Pioneer Square; and in the 400 University building at Rainier Square. Stuf has leased 3,500 square feet and 5,500 square feet, respectively, in those two buildings. Brokers were not announced. Lau said in a statement, “Over the last year, we have tripled our real estate footprint by partnering with incredible office, multifamily, and retail landlords who see value across the entire asset and seek to monetize their buildings in new and creative ways.”

Timberlane Partners

Leibsohn

Johnson

Hallgrimson

Timberlane Partners recently announced three new hires. Exiting CBRE is Jon Hallgrimson, who'll become director of acquisitions. With the same title is Tad Johnson, who makes the move from Security Properties. Both are veterans in the multifamily sector, and both will be spending from a new acquisition fund, the size of which hasn't been detailed. And now a partner with the firm is Jake Leibsohn, most recently with Northmarq. Timberlane's Dave Enslow said in a statement, “With the current real estate market cooling, we're adding best-in-class strength to place us in the best possible position as the market recovers. This powerful team is primed to pursue new multifamily deals in the western U.S., and we're excited to see what the future holds.” Timberlane also has an office in Los Angeles, where it's also active. It's also been investing in Salt Lake City.

Amazon extends Kent lease

Without naming the tenant, Terreno Realty recently announced a lease extension for a 158,000-square-foot warehouse in Kent. The old lease, due to expire next year, has been extended through 2029. Public records and Google Maps clearly show that Amazon Fresh is the tenant at what was once known as Cascade Corporate Center, at 20280 84th Ave. S. Brokers were not announced. The building is just west of Highway 167. Terreno acquired the now 41-year-old building in 2015 for nearly $14.9 million.

Gantry lands $22M for new Roosevelt units

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Completed last year at 841 N.E. 68th St., steps from the light rail station, Fireside Flats has refinanced its old construction loan from Bank OZK. That news came from Gantry, which secured $22 million in new money from State Farm Life Insurance. Gantry says the note carries a fixed-rate, 10-year term. Its Alex Saunders and Mike Wood arranged the deal. Wood said in a statement, “This has been a volatile season for the capital markets for sure, however our correspondent life companies understand multifamily, have an appetite for quality projects and are actively pursuing new originations at attractive fixed rates, even as bank lenders pull back from their lending programs.” The six-story, 102-unit project was developed by Pastakia + Associates, working with Encore Architects and Compass Construction.

Dermody Properties

Late this spring, Dermody Properties announced the hiring of two new investment mangers. They are Jason Lu, to be based in the Los Angeles office, and Bryce Fausset, who'll be based here. Fausset was previously with CBRE. Dermody's Ben Seeger said in a statement, “Bryce brings a wealth of experience. His expertise and perspectives will be integral for Dermody Properties, as we continue to grow our portfolio in the Northwest.”

Seattle Veterinary Outreach

Raj

Rachele Raj is the new executive director for Seattle Veterinary Outreach, a provider of free and reduced-cost veterinary care for pets of people experiencing homelessness and low-income families. Raj is one of the founding members of SVO, and was the organization's program and operations manager until 2021. Since 2002, she has been involved in both animal welfare and social services organizations, most recently as a volunteer and foster care programs manager for Everett Animal Shelter. Raj will start her new role on June 12. SVO also connects pet owners to vital health, housing and social service resources.

Seagen

In Bothell, biotechnology company Seagen announced that its stockholders have approved Pfizer's acquisition of the company for $229 per share in cash. More than 99% of the shares voted at a special meeting were in favor of the deal. Pending regulatory approvals, the acquisition is expected to close late this year or in early 2024. Seagen develops cancer medicines.