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COLE & WEBER / RED CELL SIGNS ON FOR 53,000
SQUARE FEET AT ALLEY24 IN SOUTH LAKE UNION
- More than 85 employees moving to growing neighborhood
- Branding and communications firm adds to “creative class” of South Lake Union
SEATTLE, WA – August 15, 2005
Vulcan Inc. and PEMCO Insurance have leased 53,000 square feet of office space in Seattle’s South Lake Union neighborhood to Cole & Weber / Red Cell, one of Seattle’s largest branding and communications firms.
More than 85 employees from Cole & Weber / Red Cell are moving to the new Alley24 development when construction is complete next spring. Cole & Weber / Red Cell is a marketing communications company that specializes in advertising, branding, direct marketing, media planning and online marketing.
“We are a company that embraces change, it is absolutely critical to our evolution and survival. We believe the revitalization of South Lake Union exemplifies one of the most exciting and positive changes underway in Seattle and we are thrilled to join this neighborhood,” said Brad Harrington, co-president of Cole & Weber / Red Cell. “In addition, this signifies a long term commitment to the Northwest by our company. We have great faith in the economic future of this region and our ability to attract great talent here.”
Located at 223 Yale Avenue N., Alley24 includes 362,000 square feet of office space, retail shops and housing. Vulcan and PEMCO Insurance are joint venture partners for the project.
“Cole & Weber / Red Cell is one of the most creative and innovative organizations in the U.S., and we are thrilled they are choosing South Lake Union as their new home,” said Ada M. Healey, vice president of real estate for Vulcan. “The emergence of new housing, retail, parks and ‘creative class’ companies like Cole & Weber adds to the community’s strength as a vibrant, urban neighborhood.”
“We’re pleased to help bring more good people and amenities to the Cascade neighborhood,” said Stan McNaughton, PEMCO president and CEO. “This has been PEMCO’s home for more than 50 years, and Cole & Weber will help make Cascade an even more desirable place to live, learn, work and play.”
Located across the street from the REI flagship store in the Cascade neighborhood of South Lake Union, Alley24 is one of the newest additions to the community. Currently under construction and set to open in early 2006, the four-building development includes 185,000 square feet of office, 172 apartments and 28,000 square feet of street-level boutiques, restaurants and cafes.
Alley24 also features a European-inspired alleyway that runs through the center of the property, creating a wide pedestrian walkway, similar to Seattle’s Post Alley in Pike Place Market. The alleyway will be enriched with historic brick facades, canopies, stoops and planters. The design also includes a sky bridge arching over the alleyway to connect two of the four buildings.
The development is being designed as a high performance “green” building and will feature more natural daylight than traditional buildings, energy and water saving fixtures and the use of environmentally sensitive building materials.
Alley24 will also be the new world headquarters for NBBJ, also the building’s architect, and the Seattle office of Skanska USA Building Inc. With the addition of Cole & Weber / Red Cell, the office space is more than 90 percent leased. Espresso Vivace also recently signed on as a retail tenant at the building.
Mike Dash, Garth Olsen and Scotta Ashcraft of Cushman & Wakefield represented Cole & Weber / Red Cell, Vulcan and PEMCO in the deal. NBBJ is the architect for Alley24, Skanska is the general contractor for the office (east side of the block) and Compass Construction is the general contractor for the residential units (west side of the block).
Vulcan Inc., which owns approximately 60 acres in Seattle’s South Lake Union neighborhood, delivered 500,000 square feet of new developments in 2004. Nearly 900,000 square feet is under development in 2005 and another 2.1 million square feet is 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.
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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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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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