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Internet Capital Group Closes Local Office

SEATTLE, WA-The closure is part of a 50-job, 35% staff cut made in conjunction with IGC's announcement that it will lead no further financings and may not make further investments in its portfolio companies.

By Janet Parker | Updated on November 28, 2000

SEATTLE, WA-Internet Capital Group, a dot-com incubator with ownership interest in about 60 Internet companies across the United States, has vacated its local office in Washington Mutual Tower. The closure is part of a 50-job, 35% staff cut made in conjunction with IGC’s announcement that it will lead no further financings and may not make further investments in its portfolio companies.

The Seattle outpost, headed by former Microsoft executive Sam Jadallah, is being merged with ICG’s San Francisco office. Roger Wright of Wright Runstad & Co., which owns and manages Washington Mutual Tower, tells GlobeSt.com that ICG sub-leased its space from another tenant, Security Properties, and therefore did not know the size of the lease they vacated. Neither Security Properties nor ICG were immediately available for comment Tuesday morning.

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