(EDITOR’S NOTE: The property sold for approximately $558 per square foot.)
Seattle, Wash., October 31, 2019 – Seattle-based commercial real estate firm Urban Renaissance Group (URG) today announced its acquisition of the Park Place Building in Seattle for $177 million. The seller is an affiliate of Washington Holdings.
Located at 1200 6th Avenue (6th and University) in Seattle’s central business district, the 21-story, 317,000+ sq. ft. commercial office building was acquired exclusively by URG, and now represents the company’s largest wholly-owned asset by value. The building is currently more than 95 percent leased, with multiple long term tenants.
“Park Place is a great Class A office asset at a great location,” said URG Founder and Chief Executive Officer, Pat Callahan. “Additionally, improvements made to the building over the years ensure it will remain desirable to tenants in this market.”
Built in 1970s and fully-renovated by international architect and tenant Gensler in 2012, Park Place features contemporary finishes, a dedicated fitness center, secured bike storage and 181 parking stalls in an ideal location within easy walking distance of light rail, and bus lines. The building is adjacent to Interstate-5.
Featuring a green roof, rain catchment system, water efficient fixtures, systems to measure air flow, a green cleaning program and satellite-controlled irrigation, the LEED-EB Platinum building was the first existing building in Seattle to be awarded the prestigious designation.
URG’s operating platform includes 9.2 million square feet in Seattle, Portland and Denver. With this acquisition, URG’s platform has grown by 985,000 square feet in 2019.
Eastdil Secured represented the seller in this transaction.
About Urban Renaissance Group
Urban Renaissance Group LLC is a Seattle-based full-service commercial real estate company, engaged in acquisitions, development, asset management, leasing, property management and ownership in Seattle, Bellevue, Denver and Portland. Founded in 2006, the strategic premise of Urban Renaissance Group (URG) is that the form of the American City is changing. URG acts as a catalyst that understands and ignites that change, thereby building community, generating appropriate returns for its investors and opportunities for its partners and employees.
About Eastdil Secured
Eastdil Secured is the original, premier private real estate investment banking company with the mission to create value for our clients through creative, actionable ideas and flawless execution, and to be the most relevant and trusted advisor in the commercial real estate capital markets. Eastdil Secured has built its expertise into a knowledge franchise that is recognized as the dominant force in commercial real estate and investment banking by institutional investors around the world. Its unrivaled combination of capital markets expertise and in-depth understanding of real estate fundamentals allows the firm to deliver best-in-class advice, ideas and execution for its clients.
