Benaroya Capital

What Benaroya Capital does

The Benaroya Company (DBA Benaroya Capital) is a privately held, family-controlled commercial real estate firm founded in 1956 by Jack Benaroya and led since 1984 by Larry Benaroya. Since re-entering the market in 1995, the company has acquired or developed more than 16 million square feet of data center, office, industrial, medical, retail, and high-tech properties across the Pacific Northwest. Core operations are organized around four pillars: (1) Centeris Data Centers, a wholly-owned subsidiary operating a power-ready colocation campus in Puyallup, WA with a 50 MW dedicated substation, dual 115kV feeds, LEED Gold certification, and high-density cabinet configurations up to 52 kW; (2) the South Hill Business + Technology Center, an 86-acre Class A office campus in Puyallup; (3) I-5 Innovation Park, a 215+ acre industrial/warehouse development site in Winlock, WA; and (4) build-to-suit development and short-term financing services, typically $20-50 million per loan for entitled or existing projects.

The company generates revenue through multi-year colocation and office leases (recurring), custom build-to-suit development fees (one-time), and short-term construction/acquisition financing (transaction-based). It sells primarily through direct enterprise relationships and a broker network, targeting technology/cloud/AI tenants, industrial and distribution operators, healthcare systems, and developers needing quick-cycle capital. Notable customers include Voltage Park (AI cloud, ~24,000 H100 GPUs), Marvell, Kaiser Permanente, Lowe's, UNFI, GSA, and Toysmith. Headquarters are in Mercer Island, WA with 20+ employees; the firm is independent of external private equity and underwrites and closes loans within 24 hours when required.

Name

Benaroya Capital

Legal name

The Benaroya Company

Website

https://benaroya.com

Company type

Private

Founded year

1956

Operating status

Operating

Headcount range

11–50 employees

Short description

The Benaroya Company is a privately held Pacific Northwest commercial real estate firm founded in 1956, operating the Centeris data center subsidiary, South Hill office campus, and I-5 Innovation Park industrial site, while providing build-to-suit development and short-term financing to enterprise, healthcare, government, and AI/cloud tenants.

Ownership category

akta.pro rank

Product category

Commercial Real Estate Development

NAICS

Management of Companies and Enterprises (55111), Corporate, Subsidiary, and Regional Managing Offices (551114)

SIC

Real Estate Dealers (For Their Own Account) (6532), Investors, Nec (6799), Real Estate Agents & Managers (For Others) (6531)

akta.pro primary industry

Commercial Real Estate Asset Management (BPAJAMAB)

Keywords

• Commercial real estate development
• Data center colocation
• Build-to-suit construction
• Short-term real estate financing
• Industrial warehouse leasing

Headquarters

HQ city

Bellevue

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Supply Chain, Marketing or Sales, Technology or R&D

Revenue model

1. Commercial Real Estate Leasing: Leasing of data center, office, industrial, and warehouse properties developed by the company
2. Build-to-Suit Development: Customized development solutions for clients including site acquisition, construction, and delivery
3. Short-term Financing: Short-term financing for real estate projects including loans typically in $20-50 million range for entitled or existing projects

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels4 records

Core offering

Benaroya Capital (The Benaroya Company) is a full-service commercial real estate firm that acquires, develops, leases, and finances data center, office, industrial, medical, retail, and high-tech properties in prime Pacific Northwest locations. Its subsidiary Centeris operates mission-critical data center colocation, and the company also provides customized build-to-suit development and short-term real estate financing typically in the $20–50 million range for entitled or existing projects.

Product overview

The Benaroya Company operates as a commercial real estate development firm offering a portfolio of integrated products and services focused on the Pacific Northwest market. The core offerings include: (1) Centeris Data Centers - a subsidiary providing mission-critical data center colocation services including SH1 Colocation and the Transpacific Hub for enterprise and cloud customers; (2) South Hill Business + Technology Center - Class A office and technology space on an 86-acre campus; (3) I-5 Innovation Park - large-scale industrial/warehouse development sites; and (4) Build-to-Suit and Financing Solutions - development and capital services for commercial real estate projects. The company serves diverse sectors including technology, healthcare, retail, industrial, and financial services through property development, acquisition, disposition, and short-term financing.

Differentiator

Problem solved

Functional benefit

Brands

• Centeris: Leading provider of data center solutions for mission critical IT applications and systems infrastructure based in the Seattle area.
• I-5 Innovation Park
• South Hill Business + Technology Center

Products and services

• Centeris Data Centers

Quantifiable outcome

• Developed 16+ million square feet since 1995
• +3 more outcomes

Named customers9 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration6 records

Feature5 records

Partnerships

Five partnerships are on record, tiered flagship and core.

• Voltage ParkflagshipStrategic or Co-development Partner · 17 January 2024Voltage Park, a next generation cloud provider for AI, selected Centeris Data Centers for one of its primary facilities. With approximately 24,000 NVIDIA H100 GPUs, Voltage Park's cloud is one of the most powerful collections of cutting-edge machine learning compute in the world.
• ScaleMatrixcoreStrategic or Co-development PartnerScaleMatrix, the United States' leading provider of variable and high-density colocation facilities, announced opening of its new Seattle facility in partnership with Centeris. Enterprises get access to cutting-edge technology through this partnership.
• Comcast BusinesscoreTechnology or IntegrationCenteris partnered with Comcast Business to provide direct access to Comcast's high performance network. The relationship allows Centeris and Comcast Business to offer solutions designed for today's IT infrastructure requirements.
• Wave (Transpacific Hub)coreTechnology or IntegrationLaunched nation's first Transpacific Data/Fiber Hub at Centeris Seattle data center campus. As American technology companies expand in Asian markets and Asian companies tackle US markets, this partnership addresses demand for high-speed connectivity across the Pacific.
• O'Keefe DevelopmentcoreStrategic or Co-development PartnerPartnership with O'Keefe Development for UNFI Pacific Northwest Distribution Center - 1.15 million SF build-to-suit facility in Centralia, WA. Benaroya provided financing and land sale.

Scale indicators8 records

Recent moves10 records

Expansion highlights7 records

Direct peers

• EdgeConneX: Specialized data center provider focused on edge and hyperscale deployments globally. Comparable to Centeris on serving AI/cloud tenants with high-density, scalable colocation and powered-shell solutions.
• T5 Data Centers: Wholesale and build-to-suit data center provider operating hyperscale-ready facilities across the U.S. Closely aligned with Centeris on custom, high-density data center delivery for enterprise and cloud customers.
• Hillwood: Major U.S. industrial and commercial real estate developer (Perot family) with deep build-to-suit capabilities. Comparable to Benaroya on large-format distribution center development and relationship-driven enterprise tenant origination.
• Sabey Corporation: Privately held developer and operator of data centers and commercial real estate primarily in the Pacific Northwest and select U.S. markets. Directly comparable to Benaroya/Centeris for combining data center operations with broader CRE development in the PNW.
• Stack Infrastructure: PE-backed (IPI Partners) hyperscale data center developer with significant U.S. footprint. Comparable to Benaroya/Centeris for build-to-suit, powered-shell, and turnkey data center delivery to large cloud and AI customers.
• Goodman Group: Global industrial/logistics real estate developer and owner. Directly comparable to Benaroya's industrial/warehouse business (I-5 Innovation Park, UNFI, Lowe's, Sumner Distribution Center) on large-scale, build-to-suit distribution facilities.

Broad incumbents

• Equinix: Largest global colocation data center operator with extensive interconnection capabilities. Comparable to Centeris on enterprise colocation serving cloud and AI workloads, though operating at much larger global scale.
• Digital Realty Trust: Publicly traded global data center REIT with hundreds of facilities worldwide. Comparable to Centeris as a competing data center operator, though at much larger scale and broader geographic footprint.

Regional players

• Wright Runstad & Company: Privately held Seattle-based commercial real estate developer and investor focused on office, industrial, and mixed-use properties. Comparable to Benaroya on PNW privately-held CRE developer profile and trophy asset development.
• Vulcan Real Estate: Paul Allen's privately held real estate development company headquartered in Seattle with deep Pacific Northwest portfolio across office, life science, industrial, and mixed-use. Comparable to Benaroya for PNW CRE development scale and trophy-asset focus.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/benaroyaseattle
• Facebookfacebook.com/144984555594123
• LinkedInlinkedin.com/company/1938015

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

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

M&A

Investments27 records

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

Frequently asked questions about Benaroya Capital