Aug 05, 2022

Somalytics

Nanotechnology start-up Somalytics announced it has signed a lease for new office space at 2525 152nd Ave. NE, Redmond, which will be its global headquarters and manufacturing facility for producing its nano-based capacitive sensor. Since spinning out of CoMotion, the University of Washington's collaborative innovation hub, in November 2021, with support from a hard science investment firm IP Group, Somalytics has gained national recognition for its technology. The company was recently featured in the Summer 2022 issue of Fast Company as one of 13 finalists On the Rise. Also, in January at CES 2022, Somalytics was named as a Best in Show from Android Central and was covered by Wired, ZDNet, Printed Electronics World and Innovation in Textiles. Somalytics is commercializing a patent-pending carbon-nanotube paper composite capacitive sensor, which is a new technology developed by University of Washington researchers in collaboration with CoMotion. Barbara Barclay is the CEO of Somalytics.

CoreStack

CoreStack, a global multi-cloud governance provider, has opened a new state-of-the-art office located in Chennai, India, expanding its India business operations and the company's global R&D footprint. With over 300 employees, the new facility gives the company space to continue to grow and support its increasing customer base. CoreStack is headquartered in Bellevue, and has additional offices in the United States, United Arab Emirates and India. CoreStack works with many large global customers across multiple industries including financial services, healthcare, retail, education, telecommunications, technology and government. CoreStack is backed by strategic advisors, including the ex-CEO of Wipro and ex-CIO of Microsoft. The company is a Microsoft Azure Gold Partner, Amazon AWS Advanced Technology Competency Partner, and Google Cloud Build Partner.

HomeStreet Bank

HomeStreet, Inc., the parent company of HomeStreet Bank, announced the completion of the previously announced sale of five retail deposit branches in eastern Washington, including the branches' lending businesses and employees, for an estimated gain of $4 million. The balance of deposits, loans and other assets sold were $185 million, $42 million and $2 million, respectively. HomeStreet, Inc. is a diversified financial services company headquartered in Seattle, serving consumers and businesses in the Western United States and Hawaii. Its principal subsidiaries are HomeStreet Bank and HomeStreet Capital Corporation.

Aug 04, 2022

Departpment of Corrections

Holbrook

Obenland

Washington State Department of Corrections (DOC) Secretary Cheryl Strange announced the retirement of Mike Obenland as the assistant secretary of the men's prisons division. Obenland has been with DOC for 33 years. He started his career in 1989 as a correctional officer at Clallam Bay Corrections Center. He served in a variety of leadership roles across the department including superintendent of Clallam Bay Corrections Center and superintendent of Monroe Correctional Complex. Strange also announced the appointment of Donald Holbrook to the position of assistant secretary of the men's prisons division. Holbrook began his career as a correctional officer at the Washington State Penitentiary in Walla Walla in 1989. During his 32-year career, he has been promoted through the ranks of sergeant, lieutenant, captain, and in 2014, was appointed superintendent for the Washington State Penitentiary. Most recently, Holbrook served as the interim deputy assistant secretary for the men's prison division with a primary focus on managing DOC's emergency COVID response across the 12 prisons.

Bordeaux Wealth Advisors

Bordeaux Wealth Advisors hired several new team members, encompassing a variety of areas including client service, wealth advisory and business development. Bordeaux is expanding its team to support the firm's growth in new clients. New team members include associate wealth advisors Miles Amodeo, Justin Dime, and Yanxiao “Chloe” Li, as well as client service associate John Tashjian and business development officer Sean van der Wal. These new employees are based in the firm's Seattle and Silicon Valley offices. Bordeaux Wealth Advisors provides custom and comprehensive financial and investment advisory services to ultra-high net worth clients across the U.S.

Sound Transit

Sound Transit appointed Eric Beckman as Portfolio Services Office executive director. The Portfolio Services Office is focused on maintaining key project delivery functions and standards in efficiently building, activating and operating a safe, high-quality transit system, with emphasis on transparency and consistency. Beckman reports to Sound Transit Deputy CEO Kimberly Farley. Beckman joined Sound Transit in 2003 as a project manager supporting ST Express and Sounder services before he became a Sounder project director. He recently served as the deputy executive director in the agency's Department of Design, Engineering and Construction Management, overseeing the Business and Construction Services Division. Earlier in his career Beckman worked as an independent design and construction management consultant, as a senior civil engineer for Carter and Burgess, and as a project manager for the King County Department of Transportation. He is a registered professional civil engineer and earned a Bachelor of Science in civil engineering from the University of Washington.

Northmarq secures $24M for Federal Way deal

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As the DJC reported in early July, St. Regis Properties and Sequoia Equities paid $35.8 million for 105-unit Align, in Federal Way. Allstate Insurance and American Heritage Life Insurance loaned nearly $24 million for the purchase. Now Northmarq has announced that it arranged that financing. The firm's Andy Slaton, Jackie Goldsmith and Soraya Rios led the effort. Slaton said in a statement, “Our team was able to source the best terms in a volatile rate environment for a fixed-rate four-year bridge loan with prepayment flexibility to fund the value-add acquisition. Align is an attractive opportunity to acquire a cash-flowing asset with upside in an infill location at a discount to replacement cost.” Northmarq says the new owners, both based in the Bay Area, are planning renovations to the garden apartment complex.

Sellen and Spectrum join French school project

A full-block apartment plan at 2203 23rd Ave. S. had been offered with the land by Colliers and Cushman & Wakefield. But, as the DJC reported a few weeks ago, the French American School of Puget Sound surprisingly stepped in with a new campus plan, to be designed by Mahlum Architects. The school didn't then respond to DJC queries. Now it's announced its intent to buy the block, that Spectrum Development will guide the project and that Sellen will build it. School head Eric Thuau said in a statement, “We are excited to have arrived at that moment in our school's history when we will be able to control our destiny. It's a once-in-a-lifetime opportunity.” The 27-year-old school now rents space on Mercer Island. The plan hasn't yet entered design review, and no date was offered for the land sale.

Thayer Manca adds Albuquerque units

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Local shop Thayer Manca Residential announced yet another acquisition in New Mexico. That would be the 156-unit Village at Tierra Antigua. The seller and purchase price weren't disclosed. Joe Manca said in a statement, “Tierra Antigua is our fifth acquisition in Albuquerque, and brings our portfolio in the market to over 1,000 units. Its condo-style build with attached garages and large floorplans fits perfectly into our product mix in the market.” TMR plans to spend nearly $3 million on renovations. The deal follows TMR's June acquisition of the 144-unit Hunter's Ridge, also in the same city. Both investments came from a dedicated $88 million value-add fund. Across five states, including our own, the multifamily investor now has some 3,000 units, which it values at $750 million.