Aug 23, 2024

Emerald Heights

For the 13th consecutive year, Emerald Heights, a senior living community in Redmond, received an ‘A-' rating from Fitch Ratings. The ‘A-' rating is a reflection of Emerald Heights' financial profile, market position, high occupancy rates, and growth opportunities. In 2023, Emerald Heights began construction on its new independent living facility, which opened in April 2024. Emerald Heights is now in process of constructing its assisted living expansion project which is expected to be completed by the end of the calendar year with expected opening in 2025. The assisted living project, FirView, will offer 54 apartments, a new dining area, activity rooms, an outdoor patio, under-building parking, and a sky bridge to connect the main buildings. It has an approximate cost of $51 million. Overall, both projects have been largely on budget and on-time. Emerald Heights, sponsored by Emerald Communities, is a not-for-profit senior housing and services organization .

Otto

Otto, a startup building an intelligent and autonomous AI travel agent for business travelers, announced that it has raised a $6 million seed round led by Madrona Ventures, with participation from Direct Travel and angel investors from across the business travel industry, including Erik Blachford, former CEO of Expedia, IAC Travel and Couchsurfing; Barney Harford, former CEO of Orbitz and COO of Uber; and Hugh Crean, CEO of Operix and former CEO of Farecast (acquired by Microsoft). Otto's mission is to create a travel assistant that plans, books and supports you during your trip. Otto is an intelligent agent, utilizing the latest in AI models and methods, that learns from a business traveler their likes and preferences, from their favorite airline, specific flights, and preferred hotels to other travel details. Otto will also provide on-trip support as flights and plans change while in transit. Focused on the business traveler who doesn't have a contracted corporate travel partner, known as unmanaged business travelers, Otto will integrate with key service providers across the business travel industry, including Spotnana and Direct Travel. Steve Singh, the founder of business travel and expense leader SAP Concur and managing director at Madrona, worked with Madrona Venture Labs to conceive and prototype Otto. Singh led the investment for Madrona and will serve as the executive chairman. Michael Gulmann, Otto's founder and CEO, brings over a decade of travel industry product, marketing, and sales experience as the former chief product officer and SVP of marketing of Egencia and SVP/CPO of consumer products of Expedia Group. Otto is based in Seattle, and plans to bring its product to market in six to nine months.

Aug 22, 2024

Unico lands new tenants in Tacoma

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Alston Construction and Panattoni Development have found a new home in Tacoma, the two firms announced this week. They'll share the 17th floor at Unico Properties' 1201 Pacific tower, in the heart of downtown. That offers about 15,135 square feet. Brokers and terms weren't announced. Kidder Mathews' Will Frame and Drew Frame represent the building, Tacoma's largest office structure, with its 307,643 square feet. Developed in 1970, the 25-story tower was once known as Wells Fargo Plaza. Today, asking rents begin at about $32 per square foot per year. Unico acquired the building in 1997. Other tenants include WSP, Gordon Thomas Honeywell, Merrill Lynch, Propel Insurance, NY Life and Regus.

NAIOP dives into south Puget Sound

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The south end of Puget Sound, chiefly Pierce County, will be the focus of a NAIOP gathering on Sept. 4. Appropriately, the 11 a.m. gathering will be held at the Tacoma Convention Center. Lunch will be served, and two panel discussions are scheduled. One includes Andrea Reay of the Tacoma-Pierce County Chamber, Tacoma Deputy Mayor John Hines and state Representatives Dan Bronoske and Kristine Reeves. The second convenes Chris Rossman of Fourth Avenue Capital, Rick Kolpa from Prologis, Whitney Wilkins of Sage Investment Group and Michael McClure of MJR Development. The latter recently completed renovating an old downtown office tower, now dubbed Tacoma Centre (pictured). Details and registration: naiopwa.org

New brokers at Colliers

Colliers announced last week the addition of a veteran pair of brokers, who made the move from CBRE. Those would be Geoff Pendergast and Rick Hart, who both assume the title of senior VP. Colliers' Scott Blankenship said in a statement, “Their ability to navigate the complexities of the Puget Sound market will greatly benefit our clients, as we continue to grow our service offerings and maintain our leadership position in the region.” Colliers said the new hires marked “a significant step in the firm's strategic growth in the Puget Sound area as the firm continues to find and recruit top talent in the market.”

Seattle Art Museum

Rio

Following an international search, Aaron Rio has joined Seattle Art Museum as its new Tateuchi Foundation curator of Japanese and Korean Art. He will oversee the museum's artistic program of Japanese and Korean art, including its collections and exhibitions at all three of SAM's sites (Seattle Art Museum, Seattle Asian Art Museum and Olympic Sculpture Park). However, his role will primarily focus on the Seattle Asian Art Museum, SAM's original home and its current hub for Asian art and culture. Rio succeeds Xiaojin Wu, who served in the position from 2012 to 2022. SAM debuted the renovated and expanded Seattle Asian Art Museum in 2020, which included more and improved exhibition space, more programming space, and the new Atsuhiko and Ina Goodwin Tateuchi Conservation Center, the only studio in the western United States dedicated to the structural conservation of East Asian paintings. Since 2019, Rio has served as associate curator in the Department of Asian Art at the Metropolitan Museum of Art in New York. Rio earned his PhD in Art History from Columbia University.

Pack Ventures

Ken Horenstein

Pack Ventures, an independently run venture capital fund, is collaborating with the University of Washington to boost innovation and support entrepreneurial ventures emerging from the university. This collaboration provides opportunities for Husky alumni to invest in promising startups and will help bolster the UW's entrepreneurial ecosystem. The collaboration between the UW and Pack Ventures was formalized through a Memorandum of Understanding signed earlier this year. As a result, Pack Ventures became a preferred venture partner of the UW and CoMotion, the university's collaborative innovation hub. Leveraging this relationship, Pack Ventures has launched its second fund, aiming to raise $30 million to invest in startups with UW affiliations. The fund has already attracted over 50 investors. The UW is among the top institutions in the nation for securing federal research funds, receiving more than $1.5 billion in fiscal year 2023. Ken Horenstein is the founder of Pack Ventures and a UW alumnus. To date, Pack Ventures has raised over $10 million from more than 100 investors and invested in 29 companies connected to the UW, including those founded by faculty, students and alumni.

Data I/O

Redmond-based Data I/O Corp. announced a chief executive officer transition plan, with industry veteran and current Data I/O board member William Wentworth to become president and CEO. Wentworth will replace Anthony Ambrose through a managed transition plan. Wentworth becomes president effective Sept. 1, and CEO effective Oct. 1. Wentworth comes to Data I/O with a wealth of industry experience spanning over 35 years, including private equity and M&A exposure. As the CEO of Source Electronics, he was a Data I/O customer and led the sale of controlling interest of Source Electronics to HIG Capital in 2001 and the company's subsequent sale to Avnet in 2008. More recently, as president and owner of Wentworth Advisors, he has consulted in the programming, IT, and private equity markets, focusing on expanding deal flow, performing due diligence and board service. He has been a member of the Board of Directors of Data I/O since May 2023, serving as chair of the Corporate Governance & Nominating Committee and member of the Audit and Compensation Committees. Ambrose served as CEO of Data I/O for 12 years. He will assist Wentworth during the transition period and will be available to consult for the company for the next 12 months. Wentworth will continue to serve on Data I/O's Board of Directors, although he will be reclassified from an independent member to an executive member. After Oct. 31, Ambrose will no longer be a member of the board following his retirement as CEO of the company.