Case Study | Catalytic Investing in Practice with The Satterberg Foundation
By Teresa Wells
From vacant asset to community anchor: what the Metropole reveals about place-based, mission-aligned investing for foundations.
In May 2019, the Satterberg Foundation purchased the historic Metropole Building in Seattle’s Pioneer Square neighborhood – a 30,000-square-foot landmark that had sat empty for nearly 20 years. The deal took two and a half weeks from introduction to close. What made that possible was more than a decade of patient relationship-building, a board culture willing to learn by doing, and a shared conviction that a foundation’s endowment should work as hard for its mission as its grants do.
This case study traces the Satterberg Foundation’s impact investing journey: from a $10 million learn-by-doing carve-out to a pandemic-era CDFI response, through two years of community listening, to the acquisition and renovation of a historic building designed to serve Seattle’s nonprofit sector long after the foundation itself winds down. It is a story about trust, about place, and about what becomes possible when mission alignment is treated as a total-portfolio question – not just a grantmaking one.
Presented at the Western Philanthropy Conference by Teresa Wells (Managing Director, AlTi Tiedemann Global), Sarah Walczyk (Executive Director, Satterberg Foundation), and Kendra Walker (Metropole Community Steward), this case study is offered as a resource for board members and trustees of family foundations, community foundations, and endowments exploring catalytic and place-based investing.

What this case study covers
- Trust enables speed – and deep advisor relationships are worth building long before you need them.
- Start small, think big – a learn-by-doing carve-out is a legitimate route to transformational investing.
- Community shapes the asset – two years of listening produced a program mix no boardroom could have designed alone.
- Mission alignment is a total portfolio question – not just a grantmaking one.
- Design for permanence – Foundations can create impact that far outlasts them.
Download the full case study (PDF)
About the author:
Teresa Wells is Managing Director at AlTi Tiedemann Global where she advises family foundations and institutional clients on impact and mission-aligned investment strategy.
Sarah Walczyk is Executive Director of the Satterberg Foundation, Architect of the foundation’s trust-based grantmaking and impact investing programs.
Kendra Walker is Community Steward for The Metropole Building, leading community engagement, tenant relationships, and programming strategy for the Satterberg Foundation’s place-based investment in Pioneer Square.
About the Author
