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Vulcan Purchases Full Block in South Lake Union from PEMCO

  • Vulcan’s South Lake Union real estate portfolio totals approximately 60 acres, which will be redeveloped as diverse housing, office space, retail, life science research space and more

SEATTLE – June 21, 2006

Vulcan Inc. today announced it has purchased 92,160 square feet of land in Seattle’s South Lake Union neighborhood from PEMCO Insurance.  Situated on a full block bordered by Pontius Avenue, Harrison Street, Yale Avenue and Thomas Street, the site is located in the Cascade neighborhood of South Lake Union.

“We believe this property is a strategic acquisition for our South Lake Union real estate portfolio and offers a great location for redevelopment,” said Ada M. Healey, vice president of real estate for Vulcan Inc. “While we are still determining how we would develop the site, it will likely include homes in a variety of price ranges as well as new neighborhood retail amenities.  We plan to make it an environmentally-friendly and sustainable development similar to many of our other projects in the South Lake Union neighborhood.”
           
The property is directly east of the newly renovated Cascade Park. The new 1.9 acre park features a new playfield and playground equipment, lush native landscaping, a new outdoor plaza and several environmentally friendly and sustainable elements built into the design of the park. Vulcan Inc., PEMCO Insurance and Harbor Properties contributed $650,000 to the city’s renovation efforts.

To the immediate south of the property is Alley24, Vulcan’s new 362,000-square-foot sustainable development that includes 172 apartments, 185,000 square feet of office space and 28,000 square feet of retail. Alley24 opened its commercial portion in March 2006 to nearly 1,000 employees from architecture firm NBBJ, commercial construction firm Skanska, and global communications firm WPP.  The first residential apartments are scheduled to be completed in July 2006.  Alley24 is a joint venture partnership between Vulcan and PEMCO.

“We have tremendous respect for Vulcan and its people, having partnered with them on the successful Alley24 and Cascade Park projects,” said Stan W. McNaughton, president and CEO of PEMCO Insurance. “The Cascade neighborhood has been our home for more than 50 years, and Vulcan shares our long-term vision to make the neighborhood a more vibrant, attractive area for everyone. The sale of this property from our investment portfolio reflects our goal of encouraging ongoing enhancements that will make our community and this region even more desirable.”

Vulcan Inc., which owns approximately 60 acres in Seattle’s South Lake Union neighborhood, has nearly 1.2 million square feet currently under construction and approximately 3 million square feet in the development pipeline.  Vulcan’s vision for the area is to partner with the community to encourage a vibrant, diverse neighborhood that blends housing, retail, office, life sciences research, open space and public transportation.

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.

About PEMCO

PEMCO Insurance, established in 1949, is a Seattle-based preferred-risk insurer that offers auto, home, boat, life, and umbrella insurance to Washington residents. PEMCO Insurance is sold by community agents throughout the state, as well as through PEMCO offices in Seattle, Lynnwood, Spokane, and the Tri-Cities. Currently, PEMCO serves 555,000 customers statewide. PEMCO has been headquartered in Seattle’s Cascade neighborhood for more than 50 years. For more information, visit www.pemco.com.

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