Jan 28, 2025

Schweitzer Engineering Laboratories

Lynch

Schweitzer Engineering Laboratories (SEL) has expanded into medical devices with the production of a tool for detecting the likelihood of autism spectrum disorder. Dr. Georgina Lynch recently joined SEL as principal scientist after inventing and leading the development of a prototype while at Washington State University. Lynch holds a PhD in neuroscience/psychology and has a background in speech-language pathology and more than 20 years of experience working with children with autism. “We are excited about Dr. Lynch's invention, and delighted that we can further its development, pursue approvals and begin production,” said Edmund O. Schweitzer, III, SEL founder and chairman of the board of the Pullman-based laboratories. SEL has created a medical devices team to pursue this new technology. The device, which can detect an atypical pupil light reflex and the likelihood of autism within 24 months of birth, is a handheld tool to be used by clinicians during well-child exams. Lynch and her team are working through the FDA regulatory and compliance requirements. SEL, a 100% employee-owned company, invents, designs and builds digital products and systems that protect power grids around the world.

City of Des Moines

Des Moines Mayor Traci Buxton has been elected 2025 president of the Sound Cities Association (SCA). SCA represents 38 King County cities and provides a regional voice for more than one million people. “Mayor Buxton is an outstanding leader for our region, and I am looking forward to great things at SCA under her leadership,” said Issaquah Mayor Mary Lou Pauly, who serves as immediate past president of SCA. Buxton was elected SCA president by the SCA Board of Directors, which consists of councilmembers and mayors in King County. Member cities include the King County cities with populations under 250,000. Buxton was first elected to the Des Moines City Council in 2017, and as mayor in 2024. First elected to the SCA Board of Directors in 2022, Buxton served as vice president in 2024. SCA was founded in the 1970s to help cities act locally and partner regionally to create vital, livable communities through advocacy, education, leadership, mutual support and networking.

Jan 23, 2025

Rise receives $92M in refinancing

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Joseph Arnold Lofts

Rise Properties Trust has, over the past dozen-odd years, become a major multifamily investor in our market. The Canadian REIT has a local office, and about 6,000 units in the Pacific Northwest. Among those are the 131-unit Joseph Arnold Lofts (pictured) in Belltown and the 135-unit Jack Apartments on Capitol Hill. Mesa West Capital recently announced its $92.5 million refinancing package for the duo. CBRE's James Bach represented Rise in the deal. Working from its San Francisco office, Mesa West's Josh Westerberg led the underwriting effort on the five-year loan. He said in a statement, “Multifamily demand has been strong, which has helped offset the influx of new supply to the market. As construction starts have halted, the new and upcoming supply should be fully absorbed in the next two years, which should help accelerate rent growth in the years to come.” Mesa West typically makes loans in the $20 million to $400 million range. Over the past two decades, it has sourced around 400 such deals worth around $27 billion.

NAIOPWA turns to the East(side)

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Meydenbauer Center

Feb. 26 will mark the next monthly NAIOPWA breakfast meeting, to be held at 8 a.m. at Meydenbauer Center in downtown Bellevue. Appropriate to the venue, the discussion topic will be “Bellevue: Big Tech, Big Changes.” As DJC readers know, Microsoft is decamping from the downtown Bellevue core, returning employees to its expanded Redmond HQ, with a more lenient approach toward work-from-home. Meanwhile, Amazon is mandating a five-day return to the office, and shifting ever more of its workforce from SLU to downtown Bellevue. And yet, it's also seeking to sublet some its shiny new buildings there. And Meta/Facebook is also seeking to sublet some of its buildings at the Spring District. All of that should figure in a panel discussion to include Aaron Laing of IMA Financial Group, Whit Hamlin of Sterling Realty Organization and Patrick Miller of Snap. Details and info: http://www.naiopwa.org

Real Retail

Sheets

Kinfe

Real Retail announced that Bezawit Kinfe has joined the brokerage as a marketing coordinator. She said in a statement, “I look forward to leveraging my design, brand marketing and data analysis skills to drive our market presence and generate impactful results for our clients.” Also recently promoted in-house is Garrett Sheets, who now becomes transaction coordinator. He added, “I'm thrilled to step into my new position playing a more integral role in our firm's transactions and daily communications.” Maria Royer leads the firm, and said of both, “We look forward to the innovative perspectives each will bring to our growing team.”

Schweitzer Engineering Laboratories

Nestegard

Whitehead

Schweitzer

Ed Schweitzer, president of Schweitzer Engineering Laboratories (SEL), has asked CEO Dave Whitehead to assume the role of president, and chief business and financial officer Joey Nestegard to assume the role of executive vice president. Schweitzer also requested his position be changed from president to founder and shared the following: “Dave and Joey are already doing an excellent job leading SEL, and at this point, I want to be contributing more as a mentor, inventor, collaborator and teacher. Their promotions recognize their leadership and our teamwork.” Schweitzer has set the strategic direction of SEL since its founding in 1984. He is known for his many contributions to the electric power industry as an engineer and inventor, as well as for his leadership and approach to business. Whitehead joined in 1994 as a hardware engineer. He led the Research & Development division for more than a decade before taking on the roles of chief operating officer and then chief executive officer. Nestegard joined the company in 2002 as a finance professional. Over the years, he has taken on increasing responsibilities, eventually becoming the chief business and financial officer in 2017. He is an advocate for the employee ownership model and its benefits for long-term decision making and business stability. He managed the SEL transition to 100% employee-owned in 2009. SEL invents, designs and builds digital products and systems that protect power grids around the world. The company is headquartered in Pullman.

Pacific Retirement Services

Moody

Pacific Retirement Services (PRS) has named Ky Moody as executive director of Mirabella Seattle, one of its life plan communities located in the South Lake Union neighborhood. Moody has nearly 15 years of experience in continuing care retirement communities, including as regional director of operations with the Tutera Group in the Midwest and, most recently, executive director of a Lifespace community in South Florida. “Ky's enthusiasm, team-building skills, and extensive experience across all facets of senior living make him an outstanding fit for Mirabella Seattle,” says Alex Candalla, regional vice president of operations for PRS. Moody will oversee all aspects of Mirabella Seattle's full spectrum of care.

Smartsheet

Bellevue-based Smartsheet, an AI enhanced enterprise grade work management platform, announced the completion of its acquisition by funds managed by Blackstone and Vista Equity Partners in a transaction valued at approximately $8.4 billion. The transaction was previously announced in September, and approved by Smartsheet stockholders on Dec. 9. With the completion of the take private transaction, Smartsheet stockholders are entitled to receive $56.50 in cash for each share of Smartsheet common stock they owned immediately prior to the closing. Smartsheet's stock has ceased trading, and the company is no longer listed on the New York Stock Exchange. Smartsheet, Blackstone and Vista will seek to invest to expand the company's collaborative work management solutions, and allow Smartsheet to scale its international business and make its products and expertise available to customers and partners worldwide. Qatalyst Partners acted as exclusive financial advisor to Smartsheet, and Fenwick & West as its legal counsel.