ARIZONA NEWS

Due to Seattle’s unrest, billion-dollar investment firm moving to Phoenix

Jun 22, 2020, 4:25 AM | Updated: 11:47 am

(Getty Images/Karen Ducey)...

(Getty Images/Karen Ducey)

(Getty Images/Karen Ducey)

PHOENIX — Coronavirus pandemic or not, an investment advisory company is leaving the cultural unrest in Seattle and moving its headquarters to Phoenix’s Camelback Corridor.

” … The unrest that has taken place in the city of Seattle … there is really is not a downtown business community today,” Smead Capital Management, President and CEO Cole Smead told KTAR News 92.3 FM.

Smead said that although taxes in Seattle are lower, candidate recruitment is harder and the cost of living within the city is more expensive than Phoenix.

“We’re hearing rumors of 40-story buildings that will be only 20-percent occupied by October,” Smead said.

“My biggest concern for Seattle was what the business community is going to come back to, and what kind of businesses are going to come back for customers.”

He found that metro Phoenix offers a better quality of life.

“My colleagues can pick the socio-economic rung of life that they want … live their lives, build
their households and have a family if they’d like,” Smead said.

“Where we’re coming from just wasn’t like that.”

Smead added his employees will take precautions to protect themselves from COVID-19 during their move.

As of May 31, the firm managed approximately $1.58 billion.

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Due to Seattle’s unrest, billion-dollar investment firm moving to Phoenix