Commercial real estate developer honored for innovation, economic growth, and long-term legacy
SEATTLE, May 27, 2025 -- NAIOP, the Commercial Real Estate Development Association, has selected Seattle-based Vulcan Real Estate as its 2025 Developer of the Year – the association's highest honor. The award will be presented during NAIOP's CRE.Converge conference in Toronto this September.
"It's an incredible honor to be named NAIOP's Developer of the Year," said Ada Healey, Chief Real Estate Officer at Vulcan Real Estate. "This recognition reflects the passion and dedication of our team, who bring a deep sense of purpose to every project we undertake. Since day one, we've believed that real estate can be a catalyst for positive change, driving economic opportunity, creative, inclusive spaces, and advancing environmental stewardship. We're proud of the role we've played in helping shape the future of the Pacific Northwest and grateful to NAIOP for celebrating our commitment to building places where innovation and community thrive."
This is the second time Vulcan has been honored with NAIOP's prestigious Developer of the Year award, testament to its ongoing commitment to creating value for all stakeholders throughout the region.
Since its founding in 2001, Vulcan Real Estate has played a defining role in shaping the Pacific Northwest's urban landscape, investing $6.7 billion to develop more than 10 million square feet of commercial space and over 4,200 residential units.
Delivering an average of 600,000 square feet annually, Vulcan has established itself as the region's most active commercial and multifamily developer. Its projects have attracted global tech leaders, top-tier life sciences organizations, nationally recognized retailers, and a diverse community of people who live, work and thrive in the area – contributing to the vibrancy and economic growth of the Puget Sound region.
Guided by four core pillars – prosperity, sustainability, urban vitality, and community engagement – Vulcan approaches every project with a long-term vision for meaningful impact and enduring success.
Renowned for developing world-class, high-quality buildings, Vulcan has earned the trust of some of the world's most innovative organizations, including:
- Amazon: Seattle headquarters in South Lake Union (3 million square feet) and Bellevue expansion (2 million square feet)
- University of Washington School of Medicine: 750,000 square feet
- Google: Nearly 1 million square feet for Seattle relocation and expansion
- Meta: 390,000 square feet
One of Vulcan's most transformative accomplishments is the redevelopment of South Lake Union, turning a once underutilized industrial zone into a vibrant, mixed-use district. Through more than $4 billion in direct investment and strategic partnerships in infrastructure and transit, Vulcan helped turn the neighborhood into a global hub for technology, life sciences, and innovation. These efforts have spurred an additional $7 billion in private and public investments, generating nearly $1 billion in tax revenue for the region.
Beyond South Lake Union, throughout the past 10 years Vulcan has played a significant role in other key areas of the region. In partnership with the Seattle Housing Authority, in a pioneering public-private effort to address Seattle's need for urban housing, Vulcan has completed more than 1,000 residential units in Seattle's Yesler neighborhood including 230 affordable homes. In downtown Bellevue, Vulcan recently completed 2 million square feet of best-in-class office space for Amazon as well as a transit-oriented residential development in the BelRed corridor, Ondina, that is the first multifamily project in Bellevue to utilize the city's newly revised Multifamily Tax Exemption (MFTE) program, creating 249 units including 20% affordable housing.
Vulcan is also widely recognized for its leadership in sustainable development. The company has pioneered green building practices, advanced stormwater management, and implemented initiatives to protect local salmon habitats – setting new benchmarks for environmentally responsible urban development.
Vulcan's thoughtful development approach is evident at each project, highlighted by ample landscaped open space, curated retail and public art that foster vibrancy and invite connection.
"We are proud to honor Vulcan as our 2025 Developer of the Year. Their remarkable success in shaping Seattle and the surrounding region through forward-thinking, sustainable design has fostered vibrant communities and exemplified true innovation," said Marc Selvitelli, CAE, president and CEO of NAIOP.
Vulcan and its employees are active in NAIOP's Washington State chapter, having served in board positions, on event committees and as sponsors.
Since 1979, the NAIOP Developer of the Year award has been presented to a development company that best exemplifies leadership and innovation in the commercial real estate industry. Vulcan was selected from an impressive slate of nominees and was evaluated by a team of seasoned developers on the following criteria: Adaptation, community relations, company culture, financial success, NAIOP involvement, philanthropy, premier developments, and sustainability.
About NAIOP
NAIOP, the Commercial Real Estate Development Association, is the leading organization for developers, owners, investors and related professionals in office, industrial, retail and mixed-use real estate. NAIOP provides unparalleled industry networking and education and advocates for effective legislation on behalf of our members. NAIOP advances responsible, sustainable development that creates jobs and benefits the communities in which our members work and live. For more information, visit naiop.org.
About Vulcan Real Estate
Through strategic acquisitions and innovative development, Seattle-based Vulcan Real Estate develops and manages a diversified portfolio of high-performing quality assets, including office, life science, residential and mixed-use projects.
The company's integrated team of real estate professionals offers a full range of development and portfolio management services from site selection and urban planning to build-to-suit construction, leasing, financing, and asset repositioning. Its real estate model is based on quality, sustainable development that builds new value across the entire community.
Since 2000, Vulcan Real Estate has invested $6.7 billion developing 52 projects comprising 10.3 million square feet of commercial space and 4,245 residential units. Sixty percent of the development projects are located in South Lake Union, renowned as one of the largest urban redevelopment projects in the country. The company has 5.2 million square feet under management.
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