Seattle's Next Chapter: State of the Market Insights

Seattle’s Prominent CRE Leaders Discuss Evolving Market Dynamics, Downtown Activations, Back-to-Office Trends, and the City’s Rebound

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  Dan Byrnes

  Dan Byrnes is the Chief Executive Officer of Security Properties. He leads the Investment Committee and is a member of its Board of Managers. Mr. Byrnes has broad responsibility for strategic planning, growth, and the financial health of the organization. In addition, he is involved in all aspects of SP’s business units, including acquisitions, dispositions, asset management, development, private equity funds and property operations. Mr. Byrnes has completed over 150 transactions totaling $6 billion since joining Security Properties in 2012. He previously served as SP’s Chief Investment Officer, and, prior to that, its Managing Director of Conventional Investments. Prior to joining Security Properties, he served as a Director of Investment Sales in HFF’s New York City office, where he completed over $4 billion of real estate transactions, spanning all major US markets and asset types. Mr. Byrnes serves on the ULI Multifamily Blue Product Council and is a member of the Policy Advisory Board of the Fisher Center of Real Estate and Urban Economics at University of California, Berkeley.

  Security Properties

  CEO

  Dan Byrnes

  CEO

  Security Properties

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  Pat Callahan

  As Founder and Chief Executive Officer, Patrick Callahan drives the vision, strategy and overall direction at Urban Renaissance Group (URG), a full-service commercial real estate operating company with approximately 6.2 million square feet of office space, nearly 80 employees and multiple award-winning acquisitions and redevelopments. With more than twenty years’ experience in the real estate industry, Patrick has been directly involved in numerous multi-million dollar lease transactions, acquisitions, development projects, assimilations, asset repositions and renovations. His firm has placed more than $500 million in capital on behalf of clients in downtown Seattle and Portland in the last 24 months alone. Prior to founding URG in 2006, Patrick held numerous key roles at Equity Office Properties Trust (EOP). As Senior Vice President, he oversaw a business unit of 18 million square feet, 114 buildings, 300 employees and more than $450 million in revenues in Seattle and Bellevue, Wash.; Portland, Ore.; and Denver, Co. He was also directly involved in more than 30 million square feet of acquisitions and 2.5 million square feet of completed development projects across nine markets. He played a significant role in one of the largest transactions in U.S. history when EOP acquired Spieker Properties for $7.2 billion in February 2001.

  Urban Renaissance Group

  CEO

  Pat Callahan

  CEO

  Urban Renaissance Group

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  Bill Frame

  Bill Frame is chief executive officer and chairman of the board of Kidder Mathews –the largest independent commercial real estate firm in the Western U.S., with over 900 real estate professionals and staff in 19 offices in Washington, Oregon, California, Idaho, Nevada, and Arizona. Kidder Mathews offers a complete range of brokerage, appraisal, asset services, consulting, and debt & equity finance services for all property types. Bill directs the firm's strategic vision, growth initiatives, and financial oversight, leveraging his extensive 30-year career in commercial real estate. Throughout his tenure, he has served on Kidder Mathews’ Board of Directors, strategic planning committee, and various other executive committees. Bill graduated from the University of Washington with a B.A. in Accounting and earned esteemed designations from Certified Commercial Investment Member (CCIM) and the Society of Industrial and Office Realtors (SIOR). He is a member of ULI, NAIOP, ICSC, and CBA. In addition to his executive responsibilities, Bill Frame has a distinguished brokerage background with a focus on corporate real estate, healthcare, office, and investment properties. His achievements include being awarded the SIOR Office Broker of the Year and consistently appearing on the Puget Sound Business Journal’s (PSBJ) influential Power 100. The PSBJ recognized Bill as one of the Middle Market Fast 50 honorees in 2022 and received the 2024 CEO USA Award from CEO Today Magazine. Outside of his professional endeavors, Bill is an active advocate for cancer research and awareness. He serves on the advisory board of the South Sound Care Foundation and is the founder of the Frame Family Foundation, which has raised nearly two million dollars for cancer research. Bill has raised almost two million dollars for cancer research through the Frame Family Foundation and contributed to organizations such as the Memorial Sloan Kettering Cancer Center in New York and the Care Foundation for Cancer Research in Washington.

  Kidder Mathews

  CEO & Chairman

  Bill Frame

  CEO & Chairman

  Kidder Mathews

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  Wes Larson

  CEO

  Sound West Group

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  Bruce Banigan

  Bruce Banigan is a 25 year veteran of the telecom industry. Beginning with Sprint, he led sales teams in the Enterprise space servicing customers such as Boeing, Honda and Northrup Grumman. In 2015 he transitioned to Wireless Infrastructure with a focus on DAS and Wi-Fi for large public venues. His current role is Vice President of Wireless Services at Boldyn Networks with a focus on Commercial Real Estate. Bruce previously served as a helicopter pilot in the Marine Corps leading combat missions in Iraq and Somalia as well as a stint in the White House flying Marine One.

  Boldyn Networks

  VP

  Moderator

  Bruce Banigan

  VP

  Boldyn Networks

Navigating Project Success Amidst Market Volatility

From Entitlement and Financing Models to Construction Trends, and Site Selection Alternatives, How are Seattle's CRE Leaders Driving Projects to Completion?

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  Andy Bench

  Andy Bench was named President in 2024 and is responsible for the day to day management of the company as well as heading up the Development group. Bench came on board with Wright Runstad & Company in 2017 to manage the 1.2 million square foot mixed-use Rainier Square redevelopment project and project management for the 400 University project, which started construction in 2020 and attained occupancy in 2022. Prior to joining Wright Runstad & Company, Andy worked for Pine Street Group as a project manager for the 1.4 million square foot Washington State Convention Center Addition. A Seattle native, Andy earned a Bachelor of Arts in Economics and Philosophy from Georgetown University before becoming an officer in the U.S. Marine Corps. He later earned a Master of Science in Civil and Environmental Engineering from Stanford University and an MBA and certificate in commercial real estate from the University of Washington

  Wright Runstad & Company

  President

  Andy Bench

  President

  Wright Runstad & Company

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  Kim Faust

  As Co-President & Chief Development Officer, Kim oversees the firm's acquisition, entitlement, development, and construction activities across the Puget Sound Region. Kim leads a development and construction pipeline of more than a billion in development and construction for mixed-use, multi-family and commercial projects ranging from 100 units to more than 600 units, plus commercial office, restaurant, and retail spaces. Kim has led the development and construction of over 2,500 units within 20 projects across six Eastside jurisdictions and Seattle over the past twelve years. In 2016 Kim was named “40 Under 40” by the Puget Sound Business Journal. Kim has over twenty years of diverse experience in real estate development and construction. Kim, a native Eastsider, attended Eastlake High School in Sammamish and then earned a scholarship to Santa Clara University, where she played Division I College Basketball for four years. Kim is a Designated Real Estate Broker in the State of Washington and serves on the Santa Clara University Real Estate Advisory Board, and is also a member of the ULI Multi-family Product Council. She participates on various committees and boards within the industry. In her spare time, Kim enjoys coaching her kid’s sports teams and playing basketball. Kim and her husband Mark live in the Kirkland neighborhood with their two daughters.

  MainStreet Property Group

  Co-President & Chief Development Officer

  Kim Faust

  Co-President & Chief Development Officer

  MainStreet Property Group

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  Holly Gardner

  President

  The Schuster Group

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  Bill Ketcham

  Bill is the Vice President and General Manager of Turner Construction Company's Seattle business unit. As General Manager, he is dedicated to overseeing and enhancing the unit's efficiency and operational excellence. With a diverse Turner career spanning three distinct Business Units—New York, Northern California, and Seattle—Bill brings a wealth of experience to his current position. His pre-Turner days were marked by his work at architecture firms in Los Angeles and New York City, where he honed his expertise in adaptive reuse projects. As a leader, Bill is known for his passion and inspiration, with a steadfast commitment to fostering an inclusive workplace. Bill's leadership philosophy is rooted in the power of team building and nurturing enduring relationships. He is a mentor at heart, driven to motivate and collaborate, ensuring that Turner's future leaders receive the mentorship and direction necessary for a rewarding career journey. A proud alumnus of the University of Southern California, Bill earned his Bachelor of Architecture before advancing to Columbia University's Graduate School of Architecture for his Master of Science. Outside the office, he is an avid traveler and outdoor enthusiast, enjoying the Pacific Northwest alongside his wife, three sons, and two daughters.

  Turner Construction

  VP

  Bill Ketcham

  VP

  Turner Construction

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  Jake Stacy

  Jake Stacy serves as Real Estate Practice Leader at USI Insurance Services overseeing both the Seattle and Boise markets. USI is the 4th largest privately-held broker in the country, serving over 500,000 clients. Over the past 8 years, Jake has placed over $40M in insurance premium for middle market, institutional real estate investors, and ground up developments.

  USI

  Partner and Practice Leader

  Moderator

  Jake Stacy

  Partner and Practice Leader

  USI

Transformative Developments: Projects That Are Reshaping the City’s Future

From Mixed-Use Activations and Luxury Residential to Retail Revitalization and Gentrification, Discover the Landmark Projects Shaping the Emerald City

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  Brian Fritz

  Regional SVP, Development

  AvalonBay Communities

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  David Ratliff

  David grew up in real estate brokerage and has focused on many aspects of real estate development. He has dedicated his career to providing quality housing for people who need it most. As a leader of DevCo, LLC and DevCo Preservation, LLC he makes this commitment a reality. He is committed to empowering his team with the ability to make a significant impact in the lives of tenants by providing high quality housing throughout the Western United States. David has over 15 years of experience with real estate brokerage, construction, development, and investment. David has extensive experience managing long term relationships with brokers, development consultants, lenders and syndicators. Since joining DevCo, the company has grown from a portfolio of 3,000 units in 2013, to 10,000 units in 2021 David graduated from Washington State University with a Bachelor of Science in Finance and Real Estate and from Arizona State University with a Masters in Real Estate Development. He has also been a licensed real estate broker in the State of Washington. David enjoys an active lifestyle and is frequently out adventuring. You can find him on the ski hill, backpacking in the mountains or out on the water. He frequently asks anyone he can about travel recommendations and is always planning his next adventure.

  Devco Residential Group

  President, Development

  David Ratliff

  President, Development

  Devco Residential Group

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  Daniel Gallagher

  As President, Daniel oversees Nitze-Stagen’s integrated real estate investment and portfolio management activities, with a particular emphasis on deal sourcing, investment analysis and development oversight. Previous to Nitze-Stagen, Daniel worked as an early stage technology investor at Voyager Capital and as a Financial Analyst at Goldman Sachs. In his free time, he enjoys spending time on the water with his wife and two young children. Daniel holds BA degrees from University of Washington in Finance and English and an MBA from Harvard Business School.

  Nitze-Stagen

  President

  Daniel Gallagher

  President

  Nitze-Stagen

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  Patricia Laughman

  Patricia is a member of Cairncross & Hempelmann’s Litigation practice group. Her practice focuses primarily on complex commercial disputes, construction litigation, and employment law. She also does transactional work and has drafted, negotiated, and analyzed design and construction contracts for a vast array of construction projects. Patricia represents companies of all sizes and her clients include design firms, architects and engineers, contractors, owners, and consultants. Patricia manages all aspects of complex litigation, from multi-party discovery, expert and fact depositions, through hearings, trial and appeal. She takes the time to dig deep into the technical information of her cases, gathering a strong foundation of knowledge on which to base her legal position. Patricia’s clients also benefit from her ability to provide practical, actionable legal counsel relating to risk management and dispute resolution. This aspect of her practice has grown in the recent years and is directly informed by her litigation experience. Treating her client’s money like her own, Patricia is value driven and cost conscious when it comes to the strategic legal advice she provides. This mentality extends into her approach to each case, working to develop relationships with opposing counsel to maximize the outcomes for her clients through effective negotiation and cooperation across the table.

  Cairncross and Hempelmann

  Partner

  Moderator

  Patricia Laughman

  Partner

  Cairncross and Hempelmann

Case Study: Waterfront Revitalization Coming to Fruition

From Large Civic Projects and the New Overlook Walk to Cultivating Culture and Energy in the Heart of Seattle

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  Eldon Tam

  COO

  Friends of Waterfront Seattle

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  Kyle Butler

  Finance & Project Controls Manager

  Office of the Waterfront & Civic Projects, City of Seattle

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  Barbara Lee

  Manager, Waterfront Project Management Services

  Office of the Waterfront and Civic Projects, City of Seattle

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  Cori Palmer

  Cori Palmer joined Mortenson in 2009 after graduating from the University of Puget Sound. As Market Executive, Cori is responsible for fostering and maintaining relationships with clients to partner on their business objectives and growth plans. She has expertise in a wide range of markets, including healthcare, commercial, hospitality, industrial, and water infrastructure. Through her exceptional use of listening, communication, problem-solving, and awareness of market trends, Cori collaborates with teams and partners to develop pristine solutions that benefit every party involved. She makes it her mission each day to help create and lead an environment where everyone feels welcomed, valued, and motivated to put their best foot forward to work together with our customers and partners to build lasting facilities for our communities.

  Mortenson

  Market Executive

  Moderator

  Cori Palmer

  Market Executive

  Mortenson

Opening Remarks

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  Andrea Barry

  Andrea Barry has over two decades of experience in creative professional services, with a focus in the real estate development, hospitality, architecture, engineering, construction, and design industries. She holds a BFA in Visual Communication with an emphasis in Design and Marketing and is a Certified LEED Green Associate. Throughout her roles in design, advertising, marketing, program management, and business leadership, her passion has been helping clients achieve their business objectives through creative storytelling, stakeholder engagement, and innovative communication strategies. As the Director of Client Success for NINE dot ARTS, Andrea focuses on strengthening client relationships while helping partners achieve maximum value and engagement through their curated art programs and creative placemaking efforts. She is especially focused on helping clients leverage opportunities for positive social impact and meaningful contributions to the creative economy.

  Nine dot Arts

  Director

  Andrea Barry

  Director

  Nine dot Arts

Remarks from Chapter Building Ownership

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  Penn DiJulio

  Penn DiJulio is a VP, of Development and Construction at Touchstone, involved in all aspects of the development process, from strategic input during acquisition and due diligence phases to project closeout and transition. His primary focus is the management of development opportunities to procure entitlements and permits and management of each project through design, pre-construction, and construction phases, including tenant improvement. Penn began his career working in the mining, materials, and civil construction industries along the Central Coast of California but moved back to his native Seattle to pursue development and structural construction. He has spent the last 15 years in various roles working for national developers throughout the Puget Sound and Portland. His construction project management experience spans a wide variety of product types including hotel, large scale mixed-use, multi-family residential and custom homes.

  Touchstone

  Vice President, Development & Construction

  Penn DiJulio

  Vice President, Development & Construction

  Touchstone