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People & Companies

Jun 13, 2024

Kidder Mathews

Gurry

Dahl

Veteran brokers Dan Dahl and David Gurry have left Colliers after 17 years with the firm. Kidder Mathews announced its talent raid last week. Gurry said of the post-pandemic market, “After the events of the last four years, we are prepared to capitalize on a market that stabilizes and recovers.” Dahl added, “We are excited to join Kidder Mathews and be part of the firm's collaborative team of veterans, recognized in the industry as best in class.” KM says that, “despite the current choppy environment in commercial real estate,” it has added 26 new brokers to our region since January 2023. At the same time, the brokerage says it recently signed a new 10-year lease at Two Union Square, where it will move this summer to a lower level, consolidating operations on one floor with slightly less space. KM has been in the building for some three decades.

Capital One provides $47M for White Center project

Community Roots Housing and the White Center Community Development Association broke ground last month on their White Center Community HUB, which is to include 76 affordable units, plus services provided by local partners. Now follow some financial details from Capital One, which provided a $23.4 million construction loan. It also made an equity investment of $23.2 million via the federal low income housing tax credit program, or LIHTC. The bank's James Chase said in a statement, “Financing the creation of new affordable housing is an important part of advancing King County's goal of reducing housing cost-burden among low-income households.” From Community Roots, Chris Persons added, “This development embodies our vision to provide stable, affordable housing and supportive services for residents across this community.” Units will be affordable to households earning in a range from 30% to 60% of area median income. Marpac is the builder of the midrise project, and Side x Side Architects the designer. The goal for completion is autumn 2025.

Kidder Mathews

French

Erin French has been promoted to president of asset services at Kidder Mathews, the firm announced this week. She's been with the firm for two dozen years, and will now oversee a division spanning most of the West Coast. That portfolio encompasses about 800 buildings with 55 million square feet, including the Amazon-leased 555 Tower in Bellevue. French said in a statement, “Kidder Mathews has always prioritized a client-centric approach, and that has driven our growth.” KM's Bill Frame added, “Her strategic insights and client-focused approach have consistently delivered exceptional results, and we look forward to her continued impact as president.”

CBB names new broker

Coldwell Banker Bain announced that Jarred Mahon will join its Lake Union office. He makes the move from Malsam Tsang Structural Engineering. He formerly served in the U.S. Marine Corps, and graduated from Seattle University with magna cum laude honors in civil engineering.

Jun 06, 2024

You can't spell NAIOP without AI

Overhyped fad or a necessary new tool to use? Artificial intelligence is inescapable in the media at least, if not commercial real estate. So NAIOP has convened an AI panel to discuss at its June 12 breakfast meeting. The event starts at 8 a.m. at the Four Seasons Seattle. Your AI evangelists are Ian McFarland of Buildings IOT, Emmanuel Daniel of ALOSANAR, Zander Geronimos of PRODA and Michael Villegas from IA Interior Architects. Registration and info: naiopwa.org.

Wright Runstad

Yoo

In an announcement last month, Wright Runstad & Co. named Michael J. Yoo as its new chief investment officer. He'll also be a principal at the firm. He makes the move from J.P. Morgan Asset Management. At his old post, he helped with the financing of Wright Runstad's Rainier Square and Spring District projects. The developer's Andy Bench said in a statement, “We are delighted to welcome Michael to our leadership team. His institutional relationships and capital markets experience will be invaluable as we continue to source new business and development opportunities.”

JLL

Jones

JLL announced this week that Rachel Jones is joining the firm as a director on the industrial investment sales and advisory team. She makes the move from Newmark, and is also a lawyer as well as a broker. JLL's Buzz Ellis said in a statement, “We are thrilled to welcome Rachel to our team. Her exceptional track record and background make her a valuable asset. We are confident that Rachel's passion for real estate and her commitment to delivering outstanding service will greatly contribute to the ongoing success of our clients.”

ULI takes you to Everett

There's a lot happening at the Port of Everett, with its new Hotel Indigo, apartments (including the Carling, pictured), retail and restaurants, etc. So it's a good time to travel north with our local chapter of the Urban Land Institute, which will conduct a walking tour at the port's steadily expanding Waterfront Place (and perhaps beyond) on June 26. Details and registration: northwest.uli.org.

Sage invests $100M for hotel conversions

Based in Kirkland, Sage Investment Group recently paid about $13 million for an old motel (pictured) in the Eastgate area of Bellevue. That will be converted to workforce housing, which is Sage's investment model. This week the firm announced that has now deployed over $100 million in such investments. Prior to purchasing the Eastgate Quality Inn, it deployed $23 million in the first quarter, the company said. It now has 25 properties with over 1,800 units in five states. Sage CEO Ryan Sudeck said in a statement, “This accomplishment reiterates our strong belief that affordable and secure housing should be accessible to everyone.” Co-founder Emily Hubbard added, “Through these investments, we can continue our mission of bringing attainable housing to the communities that need it most.”

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