Vulcan Real Estate

Last updated

Vale Group LLC
Vulcan Real Estate
Formerly
  • Vulcan Northwest
  • Vulcan Inc.
Company type Private
Industry Philanthropy, Entertainment, Technology, Investments, Real Estate, Spaceflight, Arts
Founded1986;38 years ago (1986) [1]
Founders
Headquarters,
United States
Area served
Worldwide
Key people
OwnerEstate of Paul Allen
Number of employees
≈700 (mid-2019)
Website vulcanrealestate.com

Vale Group LLC, doing business as Vulcan Real Estate, is an American private holding company based in Seattle, Washington. [4] The company was founded as Vulcan Inc. in 1986 by Microsoft co-founder Paul Allen and his sister Jody Allen [5] to establish and oversee the family's diverse business activities and philanthropic endeavors. It includes the Paul G. Allen Estate and Trust and advises the Paul G. Allen Family Foundation.

Contents

History

Vulcan Northwest was formed in Bellevue, Washington in 1986 to manage the business affairs, investments, and philanthropic affairs of Paul Allen. The company initially had a Pacific Northwest focus. [6] The company's headquarters moved from Bellevue to Seattle in 1998. In 2001, they dropped "Northwest" from the company name to reflect growing global ventures. [6]

In 2010, the Green Sports Alliance was conceived and founded by Vulcan Inc. and the Natural Resources Defense Council. Inaugural members and partners included Vulcan ventures such as the Seattle Seahawks, Portland Trail Blazers, and Seattle Sounders FC. Green Sports Alliance Members made a variety of commitments to improve their environmental performance such as reducing waste, conserving energy and water, and eliminating toxic chemicals. [7] [8] [ full citation needed ]

Following Paul Allen's death in 2018, Vulcan co-executive Jody Allen—who also serves as the estate's executor and trustee—has taken the lead strategic role at Vulcan. This has included instigating a process to assess the various Vulcan projects and enterprises based on either profit or philanthropic impact. Vulcan had approximately 700 employees as of mid-2019, and in October 2019 was reducing some of those positions. [9]

As of 2024, Vulcan LLC is now called Vale Group. [10]

Areas of focus

Vulcan Real Estate

Vulcan's Real Estate division offers development and portfolio management services from site selection and urban planning to build-to-suit construction. Vulcan has developed 6.6 million square feet of new residential, office, retail and biotechnology research space and has a total development capacity of 10,000,000 square feet (930,000 m2). [11]

Vulcan Real Estate redeveloped the South Lake Union neighborhood north of downtown Seattle and along the south shore of Lake Union. More than $5.7 billion has been invested in the neighborhood since 2002 for development projects and public infrastructure improvements.[ citation needed ]

Vulcan advocated for the Seattle Streetcar line known as South Lake Union Streetcar, which runs from Seattle's Westlake Center to the south end of Lake Union. [12] The streetcar officially started operation on December 12, 2007. This development has been criticized as a city-supported real estate investment for Vulcan Inc., [13] [12] and concerns over the loss of low-income housing have been expressed.[ citation needed ].

In 2012, The Wall Street Journal called Allen's South Lake Union investment "unexpectedly lucrative" and one that led to his firm selling a 1,800,000 square feet (170,000 m2) office complex to Amazon.com for US$1.16 billion, one of the most expensive office deals ever in Seattle. [14] "It's exceeded my expectations," Mr. Allen said of the South Lake Union development. [15] The company also developed a five-building complex for Google near Lake Union Park that is planned to open in stages between 2019 and 2022. [16] In late February 2022, Vulcan Real Estate sold the two-block, four building Google campus overlooking Seattle's Lake Union for $802 million, a price of $1,260 per square foot that's believed to set a new record for the city's office market. [17]

In September 2014, Vulcan made a commitment to invest $200 million at Yesler Terrace where it would purchase three land parcels from the Seattle Housing Authority as part of an ambitious redevelopment plan for the 30-acre low-income housing site located southeast of downtown Seattle. [18]

The Hospital Club

In 2002, Paul Allen reopened the doors of the old St. Paul's Hospital in London's Covent Garden neighborhood, revealing a new 60,000-square-foot creative hub, providing a professional and social hub to those working in the film, television, music, advertising, contemporary art and design, publishing and journalism, interactive media, theatre and fashion industries. [19]

Museums

  • The Flying Heritage & Combat Armor Museum displays Paul G. Allen's collection of rare military aircraft, tanks and other military hardware from the United States, Germany, Japan, Russia, and the United Kingdom. The Collection opened to the public in 2004 at the Arlington, Washington airfield, moving in 2008 to a hangar at Paine Field in Everett, Washington. [20] Several weeks after Allen's death in 2018, the museum opened a larger hangar to preserve related stories. [21]
  • The Living Computers: Museum + Labs (LCM+L) Is a computer and technology museum located in the SoDo neighborhood of Seattle, Washington. LCM+L (originally known as Living Computer Museum, and before that, PDPplanet.com) was founded by Paul Allen, on January 9, 2006.
  • The Museum of Pop Culture , or MoPOP (previously called EMP Museum), Is a nonprofit museum dedicated to contemporary popular culture. It was founded by Paul Allen in 2000 as the Experience Music Project. Since that time MoPOP has organized dozens of exhibits, 17 of which have toured across the US and internationally.
  • The Seattle Art Fair displays modern and contemporary art and is a showcase for the arts community of the Pacific Northwest.
  • The SIFF Cinema Downtown, previously named the Seattle Cinerama , is a downtown Seattle theater with a large screen. It was remodeled in 2014 to allow for more projection methods, [22] and remodeled again, reopening in December 2023.
  • The Upstream Music Fest + Summit is a three-day music festival.

Vulcan Sports and Entertainment

Established in 2007, Vulcan Sports and Entertainment (VSE) provides strategic oversight for Allen's professional sports franchises including the Portland Trail Blazers, the Seattle Seahawks and manages Lumen Field, WaMu Theater, the Moda Center and Veterans Memorial Coliseum (Portland, Oregon). In the fall of 2018, Chris McGowan was named CEO of Vulcan Sports and Entertainment after Peter McLoughlin left the Seahawks. [23]

Research

Both the Allen Institute for Brain Science and the Allen Institute for Artificial Intelligence were incubated at Vulcan Inc. Started at Vulcan Inc. in 2001, the Allen Brain Atlas project sought to understand the connections between genes and brain functioning. From the project's research, Paul Allen created the Allen Institute for Brain Science in 2003 with a $100 million donation. [24]

Project Halo came next. The project ran from 2002 to 2013, with the goal of creating a "digital Aristotle" that can correctly answer queries about scientific information, using artificial intelligence. The project led to a number of spinoff technologies, including the wiki software bundle SMW+, the Semantic Inferencing on Large Knowledge (SILK) project [25] and the Automated User-Centered Reasoning and Acquisition System (AURA). [26] From Project Halo's results, the Allen Institute for Artificial Intelligence was created. [27]

Vulcan Productions

Vulcan Productions produces films, digital programs and outreach initiatives. Its programs have won awards including the George Foster Peabody Award, the Emmy Award, and the Grammy Award. [28] Vulcan Productions closed in 2021.

Technology

Vulcan Inc. has also directly led some technology projects.

In 2003, Vulcan began developing the Vulcan FlipStart, a subnotebook with a 5.6-inch screen. The company began to manufacture and sell the FlipStart in March 2007, and ceased production in May 2008. [29]

Vulcan Spectrum, a branch of Vulcan Inc., participated in the United States 2008 wireless spectrum auction, and paid US$69 million for "A Block" spectrum in the Seattle-Tacoma-Bremerton area, and US$43.6 million for "A Block" spectrum in Portland-Salem. [30] [ needs update ]

Vulcan Aerospace is a subsidiary of Vulcan Inc. set up in 2015 to help achieve Paul Allen's desire to make commercial space travel more convenient and less expensive. [31] Vulcan Aerospace oversaw the development of Stratolaunch Systems project, an air launch system being developed 2010–2019 to transport payloads to low Earth orbit using a large carrier aircraft. [32] In 2016, initial test flights were projected to take place as early as 2016. [33] In September 2016, Vulcan Aerospace President Chuck Beames left his role leading the effort and was replaced by an interim executive director: "Jean Floyd, the CEO of Vulcan’s Stratolaunch Systems." [34] [ needs update ] Although the super-sized Stratolaunch carrier aircraft first flew on April 13, 2019, at the Mojave Air and Space Port in a 2 h 29 min flight, [35] [36] Vulcan announced in May 2019 that the company would cease operations. [37] The assets of Stratolaunch, including all intellectual property and the 385 feet (117 m)-wingspan carrier aircraft—"the world’s largest aircraft to fly" [35] —were put up for sale for US$400 million in June 2019. [38] Stratolaunch was sold and the new owner was identified in December 2019 to be Cerberus Capital Management. Stratolaunch continued to operate under new ownership. [39]

Philanthropy

In 2014, Vulcan Inc. partnered with Elephants Without Borders to secure a $7.3 million grant to conduct the Great Elephant Census. [40] The census was designed to provide accurate and up-to-date data about the number and distribution of African elephants by using standardized aerial surveys of thousands of square miles. Prior to the survey, many countries had not conducted surveying flights in as many as 10 years. Dozens of researchers flying in small planes captured comprehensive observational data of elephants and elephant carcasses. [41] The census was completed in 2016, finding that elephant populations had declined by as much as 30 percent over the previous seven years as a result of poaching. [42]

In February 2016, Allen announced that Vulcan would donate $2 million in grants to stop the spread of the Zika virus. [43] Most of the funds went to mosquito control efforts in countries where the virus was quickly spreading, while the remainder was used to fund a diagnostic test. [44]

Related Research Articles

<span class="mw-page-title-main">Paul Allen</span> American businessman (1953–2018)

Paul Gardner Allen was an American businessman, computer programmer, researcher, film producer, explorer, sports executive, investor and philanthropist. He co-founded Microsoft Corporation with his childhood friend Bill Gates in 1975, which was followed by the microcomputer revolution of the 1970s and 1980s. Allen was ranked as the 44th-wealthiest person in the world by Forbes with an estimated net worth of $20.3 billion at the time of his death in October 2018.

<span class="mw-page-title-main">Burt Rutan</span> American aerospace engineer (born 1943)

Elbert Leander "Burt" Rutan is a retired American aerospace engineer and entrepreneur noted for his originality in designing light, strong, unusual-looking, and energy-efficient air and space craft. He designed the record-breaking Voyager, which in 1986 was the first plane to fly around the world without stopping or refueling. He also designed the Virgin Atlantic GlobalFlyer, which in 2006 set the world record for the fastest and longest nonstop non-refueled circumnavigation flight in history. In 2004, Rutan's sub-orbital spaceplane design SpaceShipOne became the first privately funded spacecraft to enter the realm of space, winning the Ansari X-Prize that year for achieving the feat twice within a two-week period.

Mojave Aerospace Ventures (MAV) is a company founded by Paul Allen and Burt Rutan to handle the commercial spinoffs from the Tier One project. It owns the intellectual property arising from Tier One, and it is in turn owned by Allen and Rutan's Scaled Composites. In 2004, it signed a deal with Virgin Galactic to develop the Virgin SpaceShip, a suborbital spacecraft, for space tourism. Virgin Group and Scaled Composites have subsequently formed a joint venture, The Spaceship Company, to manufacture the spacecraft.

<span class="mw-page-title-main">South Lake Union, Seattle</span> Neighborhood of Seattle

South Lake Union is a neighborhood in central Seattle, Washington, so named because it is at the southern tip of Lake Union.

SpaceShip III was an upcoming class of spaceplanes by Virgin Galactic to follow SpaceShipTwo. It was first teased on the Virgin Galactic Twitter account on 25 February 2021 announcing the rollout of the first SpaceShip III plane on 30 March 2021.

<span class="mw-page-title-main">Union Station (Seattle)</span> United States historic place

Union Station is a former train station in Seattle, Washington, United States, constructed between 1910 and 1911 to serve the Union Pacific Railroad and the Milwaukee Road. It was originally named Oregon and Washington Station, after a subsidiary line of the Union Pacific. It serves today as the headquarters of Sound Transit, the public transit agency serving the city and metro area.

<span class="mw-page-title-main">Lake Union Park</span> Park in Seattle, Washington, U.S.

Lake Union Park is a 12-acre (4.9 ha) park located at the south end of Lake Union in Seattle, Washington in the South Lake Union neighborhood. The park is owned by the City of Seattle and operated by Seattle Parks and Recreation. The park property was gradually acquired by the City, and the final 5 acres (2.0 ha) were transferred from the United States Navy to the City of Seattle on July 1, 2000. After renovation, the current park space officially opened on September 25, 2010.

<span class="mw-page-title-main">Seattle Cinerama</span> Movie Theatre in Seattle, Washington

The Seattle Cinerama Theatre is a landmark movie theater in the Belltown neighborhood of Seattle, Washington, United States. The theater opened in 1963 and was renovated in the 1990s after its acquisition by Paul Allen. The Cinerama was closed in May 2020. At the time of its 2020 closure, it was one of only three movie theaters in the world capable of showing three-panel Cinerama films. In 2023, the theater was purchased by the Seattle International Film Festival (SIFF) and reopened on December 14, 2023 as SIFF Cinema Downtown due to trademark issues with the "Cinerama" name.

<span class="mw-page-title-main">South Lake Union Streetcar</span> Streetcar line in Seattle, Washington

The South Lake Union Streetcar, officially the South Lake Union Line, is a streetcar route in Seattle, Washington, United States, forming part of the Seattle Streetcar system. It travels 1.3 miles (2.1 km) and connects Downtown Seattle to the South Lake Union neighborhood on Westlake Avenue, Terry Avenue, and Valley Street. The South Lake Union Streetcar was the first modern line to operate in Seattle, beginning service on December 12, 2007, two years after a separate heritage streetcar ceased operations.

<span class="mw-page-title-main">Air-launch-to-orbit</span> Method of launching rockets at altitude from a conventional horizontal-takeoff aircraft

Air-launch-to-orbit (ALTO) is the method of launching smaller rockets at altitude from a heavier conventional horizontal-takeoff aircraft, to carry satellites to low Earth orbit. It is a follow-on development of air launches of experimental aircraft that began in the late 1940s. This method, when employed for orbital payload insertion, presents significant advantages over conventional vertical rocket launches, particularly because of the reduced mass, thrust, cost of the rocket, geographical factors, and natural disasters.

<span class="mw-page-title-main">Living Computers: Museum + Labs</span> Computer museum in Washington, U.S.

Living Computers: Museum + Labs (LCM+L) was a computer and technology museum located in the SoDo neighborhood of Seattle, Washington. LCM+L showcased vintage computers which provided interactive sessions, either through time-sharing operating systems or single-user interfaces. This gave users a chance to actually use the computers online or in-person in the museum. An expansion had added direct touch experiences with contemporary technologies such as self-driving cars, the internet of things, big data, and robotics. LCM+L had also hosted a wide range of educational programs and events in their state-of-the art classroom and lab spaces.

<span class="mw-page-title-main">SpaceX launch vehicles</span> Launch vehicles developed and operated by SpaceX

SpaceX manufactures launch vehicles to operate its launch provider services and to execute its various exploration goals. SpaceX currently manufactures and operates the Falcon 9 Block 5 family of medium-lift launch vehicles and the Falcon Heavy family of heavy-lift launch vehicles – both of which are powered by SpaceX Merlin engines and employ VTVL technologies to reuse the first stage. As of 2024, the company is also developing the fully reusable Starship launch system.

<span class="mw-page-title-main">Stratolaunch Systems</span> American space transportation venture

Stratolaunch LLC is a private American aerospace company providing high-speed flight test services. It was founded in 2011 to develop a new air-launched space transportation system, with its corporate headquarters in Seattle. The company and development project were announced in December 2011 by Microsoft co-founder Paul Allen and Scaled Composites founder Burt Rutan, who had previously collaborated on SpaceShipOne. After ten years, the company was acquired in 2019 by Cerberus Capital Management and has continued privately funded, operating as a non-traditional defense contractor.

<span class="mw-page-title-main">Scaled Composites Stratolaunch</span> Mother ship aircraft designed to launch spacecraft

The Scaled Composites Model 351 Stratolaunch or Roc is an aircraft built by Scaled Composites for Stratolaunch Systems to carry air-launch-to-orbit (ALTO) rockets, and subsequently repurposed to offer air launch hypersonic flight testing after a change of ownership. It was announced in December 2011, rolled out in May 2017, and flew for the first time on April 13, 2019, shortly after the death of founder Paul Allen. The aircraft features a twin-fuselage design and the longest wingspan ever flown, at 385 feet (117 m), surpassing the Hughes H-4 Hercules "Spruce Goose" flying boat of 321 feet (98 m). The Stratolaunch is intended to carry a 550,000-pound (250 t) payload and has a 1,300,000-pound (590 t) maximum takeoff weight.

Jo Lynn "Jody" Allen is an American businesswoman, entrepreneur, and philanthropist. She is the sister of Microsoft co-founder Paul Allen, and served as the chief executive officer of his investment and project management company, Vulcan Inc., from its founding in 1986 until 2015. She is also the co-founder and president of the Paul G. Allen Family Foundation.

Pegasus II, also known as Thunderbolt, was an air-launched orbital rocket under development in 2012–2015 by Orbital Sciences Corporation for use by Stratolaunch Systems.

<span class="mw-page-title-main">Allen Institute</span> American medical institution

The Allen Institute is a non-profit, bioscience research institute located in Seattle. It was founded by billionaire philanthropist Paul G. Allen in 2003. The Allen Institute conducts large-scale basic science research studying the brain, cells and immune system in effort to accelerate science and disease research. The organization practices open science, in that they make all their data and resources publicly available for researchers to access.

<span class="mw-page-title-main">Billionaire space race</span> Billionaire space rivalry

The billionaire space race is the rivalry among entrepreneurs who have entered the space industry from other industries – particularly computing. This private spaceflight race involves sending privately developed rockets and vehicles to various destinations in space, often in response to government programs or to develop the space tourism sector.

<span class="mw-page-title-main">Denny Substation</span> Electrical substation in Seattle, Washington

The Denny Substation is an electrical substation located in the South Lake Union neighborhood of Seattle, Washington, and operated by Seattle City Light. The facility takes up a whole city block along Denny Way and features a community center, interpretive exhibits, a dog park, and public art.

Jason Andrews is an American space and technology entrepreneur. He co-founded with his wife Marian Joh, Andrews Space in 1999, founded Spaceflight Inc. in 2010, BlackSky Global LLC in 2013, and integrated all three entities together in 2015 under Spaceflight Industries.

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