|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
Culture is the most important ingredient of DevOps. The challenge for most organizations is defining and communicating a vision of beneficial DevOps culture for their organizations, and then facilitating the changes needed to achieve that. Often this comes down to an ability to provide true leadership. As a CIO, are your direct reports IT managers or are they IT leaders? The hard truth is that many IT managers have risen through the ranks based on their technical skills, not their leadership ab...
Nov. 29, 2015 01:00 PM EST Reads: 407
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.
Nov. 29, 2015 01:00 PM EST Reads: 344
DevOps is about increasing efficiency, but nothing is more inefficient than building the same application twice. However, this is a routine occurrence with enterprise applications that need both a rich desktop web interface and strong mobile support. With recent technological advances from Isomorphic Software and others, rich desktop and tuned mobile experiences can now be created with a single codebase – without compromising functionality, performance or usability. In his session at DevOps Su...
Nov. 29, 2015 12:45 PM EST Reads: 412
As organizations realize the scope of the Internet of Things, gaining key insights from Big Data, through the use of advanced analytics, becomes crucial. However, IoT also creates the need for petabyte scale storage of data from millions of devices. A new type of Storage is required which seamlessly integrates robust data analytics with massive scale. These storage systems will act as “smart systems” provide in-place analytics that speed discovery and enable businesses to quickly derive meaningf...
Nov. 29, 2015 12:30 PM EST Reads: 419
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).
Nov. 29, 2015 12:00 PM EST Reads: 523
In his General Session at 17th Cloud Expo, Bruce Swann, Senior Product Marketing Manager for Adobe Campaign, explored the key ingredients of cross-channel marketing in a digital world. Learn how the Adobe Marketing Cloud can help marketers embrace opportunities for personalized, relevant and real-time customer engagement across offline (direct mail, point of sale, call center) and digital (email, website, SMS, mobile apps, social networks, connected objects).
Nov. 29, 2015 11:45 AM EST Reads: 322
The buzz continues for cloud, data analytics and the Internet of Things (IoT) and their collective impact across all industries. But a new conversation is emerging - how do companies use industry disruption and technology enablers to lead in markets undergoing change, uncertainty and ambiguity? Organizations of all sizes need to evolve and transform, often under massive pressure, as industry lines blur and merge and traditional business models are assaulted and turned upside down. In this new da...
Nov. 29, 2015 11:30 AM EST Reads: 270
In recent years, at least 40% of companies using cloud applications have experienced data loss. One of the best prevention against cloud data loss is backing up your cloud data. In his General Session at 17th Cloud Expo, Sam McIntyre, Partner Enablement Specialist at eFolder, presented how organizations can use eFolder Cloudfinder to automate backups of cloud application data. He also demonstrated how easy it is to search and restore cloud application data using Cloudfinder.
Nov. 29, 2015 10:00 AM EST Reads: 198
The Internet of Everything is re-shaping technology trends–moving away from “request/response” architecture to an “always-on” Streaming Web where data is in constant motion and secure, reliable communication is an absolute necessity. As more and more THINGS go online, the challenges that developers will need to address will only increase exponentially. In his session at @ThingsExpo, Todd Greene, Founder & CEO of PubNub, exploreed the current state of IoT connectivity and review key trends and t...
Nov. 29, 2015 09:45 AM EST Reads: 450
Two weeks ago (November 3-5), I attended the Cloud Expo Silicon Valley as a speaker, where I presented on the security and privacy due diligence requirements for cloud solutions. Cloud security is a topical issue for every CIO, CISO, and technology buyer. Decision-makers are always looking for insights on how to mitigate the security risks of implementing and using cloud solutions. Based on the presentation topics covered at the conference, as well as the general discussions heard between sessi...
Nov. 29, 2015 09:15 AM EST Reads: 342
We all know that data growth is exploding and storage budgets are shrinking. Instead of showing you charts on about how much data there is, in his General Session at 17th Cloud Expo, Scott Cleland, Senior Director of Product Marketing at HGST, showed how to capture all of your data in one place. After you have your data under control, you can then analyze it in one place, saving time and resources.
Nov. 29, 2015 08:45 AM EST Reads: 213
With all the incredible momentum behind the Internet of Things (IoT) industry, it is easy to forget that not a single CEO wakes up and wonders if “my IoT is broken.” What they wonder is if they are making the right decisions to do all they can to increase revenue, decrease costs, and improve customer experience – effectively the same challenges they have always had in growing their business. The exciting thing about the IoT industry is now these decisions can be better, faster, and smarter. Now ...
Nov. 29, 2015 08:00 AM EST Reads: 268
The cloud. Like a comic book superhero, there seems to be no problem it can’t fix or cost it can’t slash. Yet making the transition is not always easy and production environments are still largely on premise. Taking some practical and sensible steps to reduce risk can also help provide a basis for a successful cloud transition. A plethora of surveys from the likes of IDG and Gartner show that more than 70 percent of enterprises have deployed at least one or more cloud application or workload. Y...
Nov. 29, 2015 07:00 AM EST Reads: 497
Continuous processes around the development and deployment of applications are both impacted by -- and a benefit to -- the Internet of Things trend. To help better understand the relationship between DevOps and a plethora of new end-devices and data please welcome Gary Gruver, consultant, author and a former IT executive who has led many large-scale IT transformation projects, and John Jeremiah, Technology Evangelist at Hewlett Packard Enterprise (HPE), on Twitter at @j_jeremiah. The discussion...
Nov. 29, 2015 06:45 AM EST Reads: 742
Too often with compelling new technologies market participants become overly enamored with that attractiveness of the technology and neglect underlying business drivers. This tendency, what some call the “newest shiny object syndrome” is understandable given that virtually all of us are heavily engaged in technology. But it is also mistaken. Without concrete business cases driving its deployment, IoT, like many other technologies before it, will fade into obscurity.
Nov. 29, 2015 06:00 AM EST Reads: 375