|By PR Newswire||
|November 9, 2012 12:01 AM EST||
SEATTLE, Nov. 9, 2012 /PRNewswire/ -- The Joshua Green Corporation (JGC), a Seattle-based investment firm, announced a significant investment in Urban Renaissance Group, LLC (URG), a real estate operating company also based in Seattle.
The transaction includes JGC's existing $150M portfolio, which now becomes part of URG, merging JGC's real estate assets into URG's operating platform. JGC has also committed up to $50M in additional investment for URG's first fund, Urban Renaissance Investment Partners, LLC (URIP). The fund will greatly expand the firm's joint-venture transactions with major institutional investors and expand its co-investment capability, creating $1 billion of investment potential.
"In six short years, URG has emerged as a best-in-class commercial real estate operator and investor," said Stan McCammon, President and CEO of the Joshua Green Corporation. "We believe our investment enables URG to execute its business plan on a broader scale and makes the firm a dominant player in the industry."
In recent years, the Joshua Green Corporation has focused its investment in private operating companies. Today's announcement reflects an extension of the company's real estate business strategy.
Founded in 2006 by CEO Patrick Callahan, URG is a full-service real estate operator with services that include property and asset management, construction management, deal sourcing, investment, leasing and development. Headquartered in Seattle, the company currently has offices and assets in Seattle, Bellevue, and Portland. It has also been active in the Denver market.
"This investment provides us with an extraordinary balance sheet, allowing URG to acquire significant assets on its own account, to enhance services to existing clients, and to expand into additional markets," said URG Founder and CEO Patrick Callahan.
With more than 50 employees, URG has assembled a top-of-class real estate team and a 6 million square foot (sf) operating platform, which has increased to 6.5 million sf with the close of this deal.
The firm's senior leadership, which includes Chief Investment Officer John Bliss, Chief Operating Officer Kimberly Fuller and Vice President, Development & Construction Vince Sheridan, will continue in their roles as the company enters into this new phase.
Prior to founding URG, Callahan spent fifteen years at Equity Office Properties, ultimately serving as the Northwest regional manager and senior vice president, overseeing 114 buildings, 18 million square feet of office space and more than 300 employees located in three metropolitan markets: Seattle, Portland and Denver.
"We value URG's existing strong management team, real estate expertise, urban-focused vision and its solid reputation," McCammon added. "In particular, the background of the principals and key employees, the firm's track record since formation, and their success at previous companies were all factors in our decision to invest in this operating company."
In October 2012, URG was named one of Puget Sound Business Journal's fastest growing private companies. URG also received two prestigious awards from Washington State's National Association of Industrial and Office Properties (NAIOP) chapter in just three short years, including Renovation of the Year for the Joshua Green Building (2009), and Deal of the Year for 7th and Madison (2011).
A Storied Seattle Investment History: The Green Family Legacy
At the turn of the 20th Century, Seattle pioneer Joshua Green founded or helped start several Puget Sound-area businesses that remain relevant today. His earliest foray was in shipping, where he and three colleagues founded the LaConnor Trading and Transportation Company, which eventually evolved into the Washington State ferry system. Mr. Green served as president of the company and oversaw its growth until he sold his interest in 1927. At about the same time, Joshua Green bought a controlling interest in People's Savings Bank, (later renamed People's National Bank of Washington) which became a part of U.S. Bancorp, now the 5th largest commercial bank in the U.S. It was also during the 1920's that Mr. Green became an early investor in the General Insurance Company of America, later renamed Safeco Insurance Company. Together with the Joshua Green Building, these three companies formed the basis of the assets that the JGC continues to invest today. For the last four decades, the company has diversified its investment into additional lines of business, including private operating companies and real estate.
A Deeper Look: Behind the JGC, URG Partnership
In late 2007, the Joshua Green Company began exploring the possible renovation of its Seattle landmark, the Joshua Green Building. The 108,000 square foot, 100-year-old office building is located in the heart of downtown Seattle at 4th Ave. and Pike St. The company contracted with URG to evaluate the renovation potential and later to oversee the redevelopment project.
The award-winning remodel was a resounding success and resulted in a Class-A historic office building that was fully leased in only 18-months despite a challenging real estate climate. JGC and URG collaborated again in 2012 on the underwriting and purchase of Plaza 600, a 20-story Seattle office building. These interactions and the ongoing dialogue between the two firms reinforced JGC's decision to advance a more holistic approach to real estate investing and management, leading to a broader discussion between the firms about combining their real estate investing, management, ownership and advisory activities into one operating company.
Seattle-based Heartland, LLC and Heartland Capital Advisors, LLC, served as JGC's advisor as it evaluated its long-term real estate investment plan and developed the strategic business relationship between JGC and URG. Heartland has a long-term relationship with both companies.
About Urban Renaissance Group, LLC
URG focuses on office, retail and mixed-use properties in emerging and urban markets, with a presence in Seattle, Bellevue, Portland and Denver. The firm has been directly involved in five major acquisitions since November 2010, totaling approximately $500M and has built a property management portfolio of more than 6M square feet. Its recent acquisitions include 1600 Seventh Ave, Seattle (600,000 sf), Second & Seneca, Seattle (520,000 sf), Seventh & Madison, Seattle (205,000 sf), Plaza 600 Building, Seattle (209,000 sf), and Yeon Building, Portland (125,000 sf). In addition, URG was selected in August 2012 by Talon Capital Partners to manage the portfolio formerly owned by Archon. Learn more at www.urbanrengroup.com
About the Joshua Green Corporation
The Joshua Green Corporation is a Seattle investment company that is privately owned by descendants of Joshua Green. The company has its roots in the shipping industry dating back to the late 1800's, and then expanded in the 1920's into banking and insurance with its acquisition of People's Bank and its investment in Safeco Insurance. The Joshua Green Corporation invests for the long term, seeking to create value by investing in companies with good management teams and good long-term business prospects. The Joshua Green Corporation seeks investment opportunities in both privately owned companies and the commercial and retail real estate markets. Learn more at www.joshuagreencorp.com
SOURCE Urban Renaissance Group
In the next five to ten years, millions, if not billions of things will become smarter. This smartness goes beyond connected things in our homes like the fridge, thermostat and fancy lighting, and into heavily regulated industries including aerospace, pharmaceutical/medical devices and energy. “Smartness” will embed itself within individual products that are part of our daily lives. We will engage with smart products - learning from them, informing them, and communicating with them. Smart produc...
Oct. 21, 2016 02:30 PM EDT Reads: 1,397
As ridesharing competitors and enhanced services increase, notable changes are occurring in the transportation model. Despite the cost-effective means and flexibility of ridesharing, both drivers and users will need to be aware of the connected environment and how it will impact the ridesharing experience. In his session at @ThingsExpo, Timothy Evavold, Executive Director Automotive at Covisint, will discuss key challenges and solutions to powering a ride sharing and/or multimodal model in the a...
Oct. 21, 2016 02:15 PM EDT Reads: 1,426
In his keynote at 19th Cloud Expo, Sheng Liang, co-founder and CEO of Rancher Labs, will discuss the technological advances and new business opportunities created by the rapid adoption of containers. With the success of Amazon Web Services (AWS) and various open source technologies used to build private clouds, cloud computing has become an essential component of IT strategy. However, users continue to face challenges in implementing clouds, as older technologies evolve and newer ones like Docke...
Oct. 21, 2016 02:15 PM EDT Reads: 2,192
SYS-CON Events announced today that Embotics, the cloud automation company, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Embotics is the cloud automation company for IT organizations and service providers that need to improve provisioning or enable self-service capabilities. With a relentless focus on delivering a premier user experience and unmatched customer support, Embotics is the fas...
Oct. 21, 2016 02:00 PM EDT Reads: 614
Without lifecycle traceability and visibility across the tool chain, stakeholders from Planning-to-Ops have limited insight and answers to who, what, when, why and how across the DevOps lifecycle. This impacts the ability to deliver high quality software at the needed velocity to drive positive business outcomes. In his general session at @DevOpsSummit at 19th Cloud Expo, Eric Robertson, General Manager at CollabNet, will discuss how customers are able to achieve a level of transparency that e...
Oct. 21, 2016 02:00 PM EDT Reads: 552
Just over a week ago I received a long and loud sustained applause for a presentation I delivered at this year’s Cloud Expo in Santa Clara. I was extremely pleased with the turnout and had some very good conversations with many of the attendees. Over the next few days I had many more meaningful conversations and was not only happy with the results but also learned a few new things. Here is everything I learned in those three days distilled into three short points.
Oct. 21, 2016 02:00 PM EDT Reads: 6,775
SYS-CON Events announced today that Coalfire will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Coalfire is the trusted leader in cybersecurity risk management and compliance services. Coalfire integrates advisory and technical assessments and recommendations to the corporate directors, executives, boards, and IT organizations for global brands and organizations in the technology, cloud, health...
Oct. 21, 2016 01:45 PM EDT Reads: 1,449
In his session at 19th Cloud Expo, Claude Remillard, Principal Program Manager in Developer Division at Microsoft, will contrast how his team used config as code and immutable patterns for continuous delivery of microservices and apps to the cloud. He will show the immutable patterns helps developers do away with most of the complexity of config as code-enabling scenarios such as rollback, zero downtime upgrades with far greater simplicity. He will also have live demos of building immutable pipe...
Oct. 21, 2016 01:30 PM EDT Reads: 1,460
Rapid innovation, changing business landscapes, and new IT demands force businesses to make changes quickly. In the eyes of many, containers are at the brink of becoming a pervasive technology in enterprise IT to accelerate application delivery. In this presentation, you'll learn about the: The transformation of IT to a DevOps, microservices, and container-based architecture What are containers and how DevOps practices can operate in a container-based environment A demonstration of how Docke...
Oct. 21, 2016 01:30 PM EDT Reads: 1,505
The IoT industry is now at a crossroads, between the fast-paced innovation of technologies and the pending mass adoption by global enterprises. The complexity of combining rapidly evolving technologies and the need to establish practices for market acceleration pose a strong challenge to global enterprises as well as IoT vendors. In his session at @ThingsExpo, Clark Smith, senior product manager for Numerex, will discuss how Numerex, as an experienced, established IoT provider, has embraced a ...
Oct. 21, 2016 01:00 PM EDT Reads: 903
Cloud based infrastructure deployment is becoming more and more appealing to customers, from Fortune 500 companies to SMEs due to its pay-as-you-go model. Enterprise storage vendors are able to reach out to these customers by integrating in cloud based deployments; this needs adaptability and interoperability of the products confirming to cloud standards such as OpenStack, CloudStack, or Azure. As compared to off the shelf commodity storage, enterprise storages by its reliability, high-availabil...
Oct. 21, 2016 01:00 PM EDT Reads: 918
As data explodes in quantity, importance and from new sources, the need for managing and protecting data residing across physical, virtual, and cloud environments grow with it. Managing data includes protecting it, indexing and classifying it for true, long-term management, compliance and E-Discovery. Commvault can ensure this with a single pane of glass solution – whether in a private cloud, a Service Provider delivered public cloud or a hybrid cloud environment – across the heterogeneous enter...
Oct. 21, 2016 12:45 PM EDT Reads: 1,324
SYS-CON Events announced today that MathFreeOn will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. MathFreeOn is Software as a Service (SaaS) used in Engineering and Math education. Write scripts and solve math problems online. MathFreeOn provides online courses for beginners or amateurs who have difficulties in writing scripts. In accordance with various mathematical topics, there are more tha...
Oct. 21, 2016 12:15 PM EDT Reads: 864
SYS-CON Events announced today that Cemware will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Use MATLAB functions by just visiting website mathfreeon.com. MATLAB compatible, freely usable, online platform services. As of October 2016, 80,000 users from 180 countries are enjoying our platform service.
Oct. 21, 2016 12:00 PM EDT Reads: 678
@ThingsExpo has been named the Top 5 Most Influential Internet of Things Brand by Onalytica in the ‘The Internet of Things Landscape 2015: Top 100 Individuals and Brands.' Onalytica analyzed Twitter conversations around the #IoT debate to uncover the most influential brands and individuals driving the conversation. Onalytica captured data from 56,224 users. The PageRank based methodology they use to extract influencers on a particular topic (tweets mentioning #InternetofThings or #IoT in this ...
Oct. 21, 2016 12:00 PM EDT Reads: 8,052