Vulcan’s Ada Healey On Secrets of Developer’s Success
Since 2001, Ada M. Healey has directed all real estate activities for Seattle-based Vulcan Inc.; a company owned by investor, philanthropist and Microsoft co-founder Paul G. Allen.
As the top executive for Vulcan Real Estate, Healey has built one of the few predominantly women-led development operations in commercial real estate, overseeing over $2 billion in assets, including the redevelopment of nearly 60 acres in Seattle’s South Lake Union neighborhood, one of the largest urban redevelopment projects in the country.
Over the last 12 years, Vulcan has created a diversified portfolio through strategic acquisitions and office, life sciences, residential and mixed-use development. The company has delivered over 6.6 million square feet across those property types since 1998 – 80% of it in 24 projects that include 1,367 residential units in South Lake Union, where Internet retail giant Amazon.com has leased or acquired millions of square feet in the last three years.
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Vulcan recently confirmed for CoStar that it intends to develop two more 12-story office buildings to be occupied by Amazon. The company has another 400,000 square feet under construction and 1 million square feet in pre-development planning.
CoStar recently connected with Healey, who joined Allen’s company in 2001 after previously serving with ING Clarion (then Clarion Partners) to discuss the company’s stunning success in redeveloping the previously run-down South Lake Union district, as well as her observations on the future of office development and the value propositions in retrofitting and renovating to make older buildings more sustainable.
Skanska to Develop Office Tower for PricewaterhouseCoopers
Skanska USA Commercial Development Inc. is developing a 440,000-square-foot, 17-story office tower at the southeast corner of Seaport Boulevard and Boston Wharf Road in Boston’s Seaport Square.
The tower at parcel L1 will be the new home of PricewaterhouseCoopers (PwC), which will occupy 75% of the building beginning in October 2015.
The project is targeting a minimum of LEED Gold certification and also includes 20,000 square feet of ground floor retail being handled by privately held WS Development.
Along with Twining Properties, Skanska is also developing Watermark Seaport, an apartment building with 346 residences and ground-floor retail, near the new office tower.
Both projects are part of the 6.35 million square feet of residential, commercial, hotel, retail and civic/cultural space planned in Seaport Square by MS Boston Seaport, L.L.C., a partnership between Morgan Stanley and Boston Global Investors.
William Anderson and David Martel of Cushman Wakefield represented Skanska USA Commercial Development and Timothy Dempsey, Ogden White III and Amy DeAngelis of CBRE represented PwC.
Skanska Tapped For American University Campus In DC
Skanska has also signed a $78 million contract with American University to construct the school’s new East Campus in Washington D.C.
The Sweden-based global construction company will provide construction management services to build the East Campus’ six new buildings, which collectively total nearly 344,445 square feet. The new buildings will target LEED Gold certification.
Preconstruction and design has already started and the new campus buildings will open for occupancy in fall 2016.
Headquartered in New York, Skanska USA has about 8,300 employees.
Mack Co. To Develop Warehouse Project In N. Phoenix
The Mack Company acquired 9.4 acres for development of Mack Pinnacle, a 169,000-square-foot industrial development in Deer Valley north of Phoenix.
Industrial experts in the Phoenix office of Jones Lang LaSalle completed the purchase on behalf of Mack of the land just west of the southwest corner of Pinnacle Peak Road and 7th Street in north Phoenix in a deal valued at $2.69 million.
The project will encompass one 90,575-square-foot, 30-foot-clear and another at 78,281 square feet and 24 feet clear.
The buyer will soon kick off construction of the project — the first Class A industrial construction in the Deer Valley submarket in eight years — which is scheduled to deliver in May 2014.
Picerne Group to Develop Inland Empire Apartment Project
The Picerne Group, a privately held real estate investment firm, has announced plans for a 298-unit apartment community at East 4th Street and Haven Avenue in Ontario, CA.
The community, to be built on 11.3 acres of vacant land near Interstates 10 and 15 is less than three miles from Ontario International Airport, the Ontario Mills mall and Citizens Business Bank Arena, the largest indoor sports venue in the Inland Empire.
Construction of the project designed by Architects Orange is expected to begin in early 2014, and the units will be ready for lease by the first quarter of 2015.
The project will consist of one-, two- and three-bedroom units in 15 three-story buildings. The community will feature a pool and spa with barbecue and fire pit areas, clubhouse and fitness center