What We Do

Our Measure of Success

We believe the stewardship of capital and assets should improve the physical landscape we live in, as well as the financial position of our partners. We do well by doing good. This approach puts us on a sustainable path that leads to positive outcomes for all—tenants, residents, clients, and investors.

Market Research

Start with Discipline

Everyone has access to customary market reports. As an active market participant, we supplement the standard resources with real-time transaction data and firsthand research, so we rely on only the best, most relevant information. Our collective real estate experience over multiple cycles gives us an edge. We know the questions to ask. We think critically and apply insight to our decisions. Only then do we act. Superior returns result from the detailed groundwork that informs our disciplined investment process.

Research Fuels All We Do

  • Investment strategy
  • Acquisitions and dispositions
  • Government and community relations
  • Design and development
  • Financing and leasing


Meet the Need

We deliver projects on time and on budget. We’ve already mastered the fundamentals, so we can focus on innovation—the transformational decisions that improve a project’s marketability and bottom line. Whether that’s developing green buildings that increase productivity for tenants or evaluating entitlement alternatives that increase speed to market, we’re responsive to the needs of our stakeholders. We create new spaces with broad market and community support and are known for our collaborative approach and substantive neighborhood outreach.

Services Offered

  • Urban planning
  • Project feasibility
  • Due diligence
  • Site selection
  • Entitlements
  • Design management
  • LEED® certification
  • Budget and schedule management
  • Construction management

10-Year Development Track Record

  • 6.6 million SF of commercial, life sciences research, retail and multi-family (1,555 units) developed
  • 4 landmark buildings preserved and incorporated into new projects
  • 10 public/private partnerships with government entities
  • 27 land-use permits secured without appeal
  • 4 alley vacations
  • 2 skybridges
  • 5 amendments to zoning code

Case Study

Alley 24

High-Quality Tenants and a Revitalized Community

When it was designed in 2004, Alley24 was a pioneering project with a hybrid office building adjacent to the adaptive reuse of a historic structure for multi-family residences. From the beginning, the dynamic mix of uses and sustainable elements were attractive to high-quality companies. We incorporated practical, high- demand features such as operable windows and sub- floor HVAC, allowing more individual control of the office environment. These features, in addition to several others, resulted in improved employee productivity and attendance. We leveraged the project’s proximity to REI’s flagship store, enabling our successful retail lease-up to an eclectic collection of local and national tenants. Today, Alley24 is defined by its resource efficiency and thriving community.

Alley24 was intended to be a prototype for sustainable, mixed-use design. Vulcan enabled us to exceed our goal, resulting in a space that meets modern productivity demands and conserves resources.

Scott Wyatt, Managing Partner, NBBJ

Marketing & Leasing

Create the Demand

Marketing starts early at Vulcan. It influences every strategy, from whom to pursue and how to attract partners, to what to build and how to price it, and how to make the deal. We buy and build projects that sell and lease in a competitive environment. Most importantly, we listen to our customers. We tailor transactions to client needs, with particular strength in creating customized solutions that result in value for tenants and ourselves.

In the Past 10 Years

  • Executed more than 200 leases (5.1 million SF) worth $2.32 billion in total rental income
  • Extensive experience in West Coast and Southwest markets
  • Negotiated and structured a range of leases:
    • 2,000 — 1.7 million SF office
    • 50,000 — 350,000 SF life sciences research
    • 500 — 50,000 SF retail
  • Leased up and/or sold residential portfolio of multiple product types at varying price points (affordable, market-rate, luxury)

Case Study

Merck/Institute for Systems Biology

Seamless Replacement of a Full-Building Tenant

The success of the Merck/ Institute for Systems Biology transaction highlights our ability to leverage relationships with market participants, and to fill surplus space while creating a positive solution for all parties. In 2004, Vulcan delivered a build-to-suit life sciences building for Merck. After eight years, Merck decided to close its Seattle operations prior to its 2013 lease expiration. At the same time, the Institute for Systems Biology (ISB) was in the market for an expansion and relocation. Our reputation, coupled with the high-quality building, cemented ISB’s decision to move forward with a Vulcan building despite numerous other options in the market. The lease negotiation involved multiple parties, including an existing tenant, subtenant and the project lender. By understanding each party’s needs, we signed a new long-term lease, experienced no down time between occupants, and secured capital funding for the new tenant improvement work, primarily from the original tenant. All parties’ goals were met and ISB, one of the world’s most prestigious research organizations, joined our client list.

It came down to timing and cost. Vulcan skillfully considered both, while structuring the transaction to meet our current and future needs.

Leroy Hood, M.D., Ph.D., President, Institute for Systems Biology

Portfolio Management

Serve Them Well

As a property owner with diverse holdings and broad experience, we understand how to create value. We’re responsive to market conditions and community dynamics. Our track record includes well–timed purchases and sales, as well as strong relationships with regional and national organizations. With a well–earned reputation for integrity, we approach negotiations with a success–for–all objective.

Services Offered

  • Investment strategy/asset repositioning
  • Acquisitions/dispositions
  • Leasing
  • Market valuation/financial analysis
  • Operating and capital budget preparation
  • Risk management
  • Investor reporting


  • Timed the sale of $200 million worth of non–strategic assets to coincide with peak market pricing
  • A 96% average occupancy across our Class A Office portfolio from 2007 – 2Q’12, vs. market average of 86%
  • A 94% stabilized average apartment rental occupancy from 2007 – 2Q’12 (lease-up periods excluded)
  • Consolidated property management companies to obtain better service at lower costs

Case Study

Page Mill Hill

Repositioning and Timing the Sale of a Non-Strategic Asset

Vulcan acquired an operating company whose assets included a five-building, 181,000 SF office campus located in the Stanford Research Park in Palo Alto, CA. The property, originally constructed in 1960, was only 33% leased and in need of physical upgrades to achieve top-of-market lease rates. After completing a seismic retrofit, updating the exterior façade, performing mechanical upgrades, and landscaping and parking improvements, the property was re-leased to several of Silicon Valley’s premier companies. The sale of the property at the top of the market required us to address pre-existing environmental issues, the ground lessor’s 90-day right of first refusal, and a ground-lease term with less than 25 years remaining and no renewal option.

This deal showed that Vulcan has great instincts. They did what it took to re-lease and re- position the property, and then sell at just the right moment.

Doug Marks, Senior Vice President, Colliers International


Bring it Together

No two deals are the same. And large, complex assets demand sophisticated financing structures. Fortunately, we have unique access to both debt and equity capital. Institutional lenders know we’re reliable, stable and predictable, and that our real estate underwriting is sound. Given the success of our projects, our transactions are highly sought after, and lenders compete to produce the best overall terms tailored to each individual investment. While our sponsor is well capitalized, we have served as the managing partner for many successful joint-venture investments as well. Repeat business with our financial partners is common.

Services Offered

  • Investment strategy/asset repositioning
  • Acquisitions/dispositions
  • Leasing
  • Market valuation/financial analysis
  • Operating and capital budget preparation
  • Design management
  • Risk management
  • Investor reporting


  • Timed sale of $200 million worht of non-strategic assts to coincide with peak market pricing
  • A 97% average occupancy across our commercial portfolio from 2007 – 2010, vs. market average of 84%
  • A 94% stabilized average apartment rental occupancy from 2007 – 2010 (lease-up periods excluded)
  • Consolidated property management companies to obtain better service at lower costs

Case Study


Established Relationships and Strong Track Record Help Secure Debt Capital

In the most challenging global capital market since the Great Depression, debt financing was required for the first four phases of the Amazon.com office headquarters development. During 2008-09, lenders were backing away from large transactions and single-tenant developments, and institutions wanted to diversify risk by turning to smaller, multi-tenant projects. With high vacancies in office product throughout the country, construction loans were in disfavor.

Nevertheless, we were successful in securing almost $500 million of construction financing from six different lenders because of our established relationships and position as the project sponsor, as well as the investment-grade credit of our tenant, Amazon.com.

Vulcan was able to find creative solutions for each of the challenges we faced throughout this complex project. They never failed to take our culture into account, and they made sure these buildings reflected our company’s identity and values.

John Schoettler, Director, Global Real Estate, Amazon.com


We build alliances to bring diverse groups together for positive change. Vulcan takes a leadership position to support infrastructure improvements, local non-profits and sustainability.