O'Keefe Development

What O'Keefe Development does

O'Keefe Development is a privately held commercial real estate development and investment firm founded in 1986 by Tom T. O'Keefe and headquartered in the Seattle / Puget Sound area. The firm acquires, develops, and manages industrial buildings, office buildings, and retail shopping centers, and since inception has developed or acquired approximately 5.5 million square feet of commercial real estate projects valued at approximately $1 billion. Its core product offerings include ground-up development, value-add redevelopment, acquisitions with or without entitlements, build-to-suit lease-back, and build-to-suit for sale, with the most prominent reference project being the 1.2 million sq ft UNFI Pacific Northwest Distribution Center, winner of the 2020 NAIOP Industrial Build-to-Suit Development of the Year.

The business model combines a long-term ownership perspective with flexible deal structuring across industrial, office, and retail assets. Revenue is generated through a mix of one-time development fees and property sales, recurring lease income from owned and managed properties, and transaction-based returns from acquisitions and subsequent dispositions. All new opportunities are handled directly by the founder, with no disclosed intermediaries, institutional capital partners, or external sales channels.

The firm competes on regional expertise, underwriting flexibility, and execution speed (characterized as 'short feasibility and quick close capability'), and it emphasizes hands-on property management and tenant servicing as an owner-operator rather than a flipper. No technology platform, proprietary software, or AI/ML capability is disclosed; the operating stack is a standard founder-led CRE workflow supported by a basic Squarespace web presence.

Name

O'Keefe Development

Legal name

O'Keefe Development

Website

https://odc2.com

Company type

Private

Founded year

1986

Operating status

Operating

Short description

O'Keefe Development is a Seattle-based, founder-owned commercial real estate firm that acquires, develops, and manages industrial, office, and retail properties in the Pacific Northwest. Founded in 1986 by Tom T. O'Keefe, it has developed or acquired ~5.5 million sq ft of CRE valued at ~$1 billion.

Ownership category

akta.pro rank

Product category

Commercial Real Estate Development

NAICS

Lessors of Nonresidential Buildings (except Miniwarehouses) (531120), Real Estate and Rental and Leasing (53)

SIC

Operative Builders (1531), Real Estate Dealers (For Their Own Account) (6532)

akta.pro primary industry

Residential Land Development & Subdivision Homebuilding (Build-to-Sell Communities) (IMAFABAL)

akta.pro secondary industry

Land Acquisition, Lot Development & Construction Financing (AD&C) (FSALAHAI)

Keywords

• Commercial real estate development
• Industrial property development
• Build-to-suit development
• Commercial property acquisitions
• Retail shopping centers

Headquarters

HQ city

Seattle

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Marketing or Sales

Revenue model

1. Commercial Real Estate Development: Develops industrial, office, and retail properties from ground-up or through value-add redevelopment. Generates revenue through development fees and property sales.
2. Property Leasing: Acquires and manages industrial buildings, office buildings, and retail shopping centers. Generates revenue through long-term leasing to tenants with a build-to-suit lease back model.
3. Acquisitions and Investment: Acquires commercial real estate with or without entitlements. Revenue generated through property appreciation and subsequent sale or lease.

Go-to-market motion1 record

Distribution channels1 record

Core offering

O'Keefe Development acquires, develops, and manages industrial buildings, office buildings, and retail shopping centers in the Pacific Northwest. The firm pursues ground-up development, value-add redevelopment, acquisitions with or without entitlements, build-to-suit lease back, and build-to-suit for sale, while also providing long-term property management and leasing services to its tenants.

Product overview

O'Keefe Development is a commercial real estate development company that acquires, develops, and manages industrial buildings, office buildings, and retail shopping centers. Founded in 1986, the company offers a portfolio of services including build-to-suit lease back, build-to-suit for sale, value add redevelopment, and acquisitions with or without entitlements. The company has developed or acquired approximately 5.5 million square feet of commercial real estate valued at approximately $1 billion. Notable projects include the 1.2 million square foot UNFI Pacific Northwest Distribution Center, which won the 2020 NAIOP Industrial Build-to-Suit Development of the Year award.

Differentiator

Problem solved

Functional benefit

Products and services

• Industrial Property Development

Quantifiable outcome

• 1.2 million sf distribution center awarded NAIOP Industrial Build-to-Suit Development of the Year 2020

Named customers1 record

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators3 records

Recent moves4 records

Expansion highlights3 records

Direct peers

• Unico Properties: Seattle-based commercial real estate investment and management firm operating office and mixed-use properties in the Pacific Northwest. Comparable as a privately held owner-operator active in the same metro.
• Vulcan Real Estate (Pallisades): Paul Allen-founded Seattle-based commercial real estate developer and long-term owner with deep Pacific Northwest exposure across office, industrial, life-science, and mixed-use. Highly comparable business model of acquiring, developing, and holding commercial assets in the same regional market.
• Sabey Corporation: Seattle-based commercial real estate owner/developer focused on industrial, office, and data center facilities across the U.S. Overlap with O'Keefe on industrial build-to-suit, long-term ownership, and PNW footprint.
• Wright Runstad & Company: Seattle-based commercial real estate investment and development firm specializing in office, industrial, and mixed-use projects. Directly comparable as a privately held PNW developer with build-to-suit and long-term hold strategy.
• Schnitzer West: Bellevue/Seattle-area commercial real estate developer focused on office, industrial, and mixed-use properties. Closely comparable geographically and in mixed commercial product mix.
• Martin Selig Real Estate: Long-tenured Seattle commercial real estate owner/developer with a privately held founder-led structure and a portfolio of office, industrial, and retail assets in the PNW. Directly comparable business model and geographic focus.

Emerging players

• Pan Pacific Retail Properties: Pacific Northwest retail real estate investment and operating company with shopping-center focus. Comparable on the retail segment of O'Keefe's portfolio, though narrower in product mix.

Broad incumbents

• Beacon Capital Partners: Large institutional commercial real estate investment manager with PNW office and life-science holdings. Comparable on the long-term ownership/development model in O'Keefe's core geographies but operates at significantly larger scale with institutional capital.
• Sellen Construction: Major Seattle-based commercial general contractor that builds institutional and commercial projects in the PNW. Adjacent in that Sellen often executes build-to-suit projects that O'Keefe might own/develop, making it a comparable for project execution capability.
• Kilroy Realty Corporation: Large publicly traded West Coast office and life-science landlord and developer. Overlaps with O'Keefe on office development and long-term ownership but is materially larger, geographically diversified, and publicly traded.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about O'Keefe Development