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Vulcan Real Estate Wraps Up Blockbuster Year
  • Momentum expected to continue in 2006 and beyond

SEATTLE, WA - January 5, 2006
Vulcan Real Estate announced today that 2005 represented a banner year for the development company, which is working to redevelop more than 60 acres in Seattle's South Lake Union neighborhood. Vulcan Real Estate is a division of Vulcan Inc., the project and investment management company founded by Paul G. Allen. "At Vulcan Real Estate, we measure success using a triple bottom line approach," said Ada M. Healey, vice president of Vulcan Real Estate. "We have been very successful over the course of 2005 in our efforts to make a positive impact on the community, the environment and the financial well being of our company." The South Lake Union redevelopment project is one of the largest redevelopment efforts in the United States and will consist of more than 10 million square feet when completed. Vulcan is working with the community and city officials to create a vibrant, diverse neighborhood in South Lake Union that blends housing, retail, office, life sciences research, open space and public transportation.

2005 highlights for the company include:

  • 900,000 square feet currently under construction worth $300 million.
  • Three million square feet in the development pipeline.
  • Leased approximately 300,000 square feet including 182,000 square feet to Group Health Cooperative and 53,000 square feet to Cole & Weber/Red Cell.
  • Pre-sold 259 condominiums at a total value of $138.5 million.
  • Announced three new mixed-use residential projects totaling 672,599 square feet.
  • Secured permitting for Phase II of UW Medicine Lake Union, which will total 284,000 square feet.   Construction for Phase II is scheduled to begin in 2006.
  • Launched the South Lake Union Discovery Center, which has had more than 12,400 visitors since April 2005.
  • Worked with other property owners to achieve the successful passage of the South Lake Union Streetcar line, which will begin operations in 2007.
  • Assumed lead development role in all construction projects with a 40 person in-house team.

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Vulcan Real Estate has also been recognized locally and nationally for its leadership and has been the recipient of numerous industry awards including:

  • National Association of Industrial and Office Properties (NAIOP) Developer of the Year (third year in a row)
  • 2005 BetterBricks Award in the Developer category for sustainable leadership.
  • Seattle Magazine's "Power 25" (Ada M. Healey, vice president).
  • 2005 BEST Award winner for the Sustainable Building Award for the Seattle Biomedical Research Institute Building.
  • Achieved LEED (Leadership in Energy and Environmental Design) certification from the U.S. Green Building Council for The Alcyone Apartments.
  • Achieved Silver LEED certification from the U.S. Green Building Council for the Seattle Biomedical Research Institute building.
  • 2006 winner of numerous Silver and Regional Awards from the National Association of Home Builders and a finalist for the coveted Gold Award for 2200 and the South Lake Union Discovery Center

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The company has also played a very active role within the community and has successfully implemented many popular community programs including:

  • South Lake Union Cinema on the Lawn--an outdoor film series benefiting local non-profits.
  • South Lake Union Block Party--an outdoor arts/crafts and music festival.
  • Cascade Holiday Tree Lighting Ceremony.
  • Committed $10 million to the construction and renovation of South Lake Union Park.
  • Reopening of Cascade Park Playground after the completion of a major renovation made possible by a $650,000 donation from Vulcan and its partners.
  • Lifelong AIDS Alliance's "Slice for Life" Thanksgiving Fundraiser.

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"Our partnerships with the community are very important to us and we look forward to doing our part to help Seattle become an even more vibrant and livable city in 2006," stated Healey.

2006 is shaping up to be another busy year for Vulcan Real Estate.   The company expects to break ground on five commercial, residential and mixed used projects totaling more than 1.2 million square feet.  

In addition, two major projects are scheduled for completion: 2200--a 550,000-square-foot mixed-use project that includes 261 condominiums, a Whole Foods grocery and 50,000 square feet of retail; and Alley24--a 362,000-square-foot mixed use project that includes office space, retail shops and housing.

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ABOUT VULCAN REAL ESTATE
Vulcan Real Estate directs all real estate strategies for Vulcan Inc., a Paul G. Allen company.   Through strategic acquisitions and innovative development, Vulcan Real Estate creates a diversified portfolio of high-performing, quality assets. The company's experienced, talented team of real estate professionals offers a full range of development services from site selection to build-to-suit construction. Its real estate model is based on quality, sustainable development that builds new value across the entire community. For more information, visit www.vulcanrealestate.com.

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