NAIOP, the national commercial real estate development association, has selected Seattle-based Vulcan Real Estate as its 2013 Developer of the Year. Vulcan is best known for its work transforming Seattle’s South Lake Union (SLU) district. Vulcan has completed 23 buildings with 4.8 million square feet of space in SLU and has another 1,000,000 square feet of office and residential space in the pipeline. Vulcan’s current construction activity includes 400,000 s.f. for Amazon.com’s new urban campus as well as 466 apartment units. The company will also begin construction nearby on two more office buildings totally over 600,000 s.f. for Amazon early next year.
Vulcan Real Estate is the real estate investment arm of Vulcan Inc., which was created by Microsoft co-founder Paul Allen. The company provides a full-range of development and portfolio management services including site selection, urban planning, build-to-suit construction, leasing and asset repositioning. Vulcan’s $1.5 billion portfolio of assets includes office, biotechnology, residential and mixed-use projects. It has delivered over 6.6 million sf of space since 1998, over 80% of which has occurred within South Lake Union, such as the mixed-use 2200 Westlake project photographed below.
According to NAIOP president Thomas Bisacquino, Vulcan was recognized with the Developer of the Year award due to the company’s “focus on transforming a project’s marketability combined with its long track record of community re-investment and collaborative approach in the undertaking of numerous public-private partnerships make it a standout in the industry.”
The NAIOP Developer of the Year award has been presented annually since 1979 and is NAIOP’s highest honer. Award candidates are evaluated based outstanding quality of projects, financial stability, adaptability to market conditions, and community and industry support. Past recipients include Minneapolis-based Ryan Companies in 1997 and Bloomington-based United Properties in 1994.