Transaction part of a long-term investment strategy for the company and its new Seattle office
SAN FRANCISCO (DECEMBER 14, 2016) — Pacific Eagle, a real estate developer with over 20 years’ experience investing in luxury hotels, versatile office buildings, and modern, amenity-rich condominiums, is pleased to announce the off-market acquisition of 1931 Second Avenue, five contiguous parcels totaling 19,440 square feet on the southwest corner of Second Avenue and Virginia Street in Seattle’s Belltown neighborhood. The site is entitled for a 17-story hotel and was purchased for $18 million.
“We’re honored to be a part of the long term growth of such an amazing city,” said Adam Aasen, Vice President of Acquisitions at Pacific Eagle. “Seattle has established itself as a premier urban gateway market. We feel the property’s location is perfectly positioned to take advantage of the ongoing transformation towards the downtown core.”
The transaction represents the second downtown Seattle purchase by Pacific Eagle in just over a year. Last November, Pacific Eagle purchased the Dexter Horton Building, a 336,000 square foot historic office building located at 710 Second Avenue for $124.5 million, which is currently undergoing a significant leasing and capital improvement repositioning plan.
1931 Second Avenue, which has been owned by a local family office for the last 50 years, is located at the highest topographic point in downtown Seattle and is proximate to the Pike and Pine retail corridors, Pike Place market, Amazon’s global headquarters, the Waterfront Park redevelopment and other major tourist attractions and visitor hubs.
Pacific Eagle plans to expand to key markets across the U.S., but maintains a significant focus on Seattle. Earlier this month, Pacific Eagle announced they will establish a Seattle office in the Dexter Horton Building, opening in Q1 2017.
About Pacific Eagle
Pacific Eagle has been investing in luxury hotels, versatile office buildings, and modern, amenity-rich condominiums for more than 20 years. The San Francisco-based company leverages local expertise and global insight to develop properties in premier urban gateway markets throughout the U.S., including New York, Boston, Chicago, Los Angeles, San Francisco, Silicon Valley, and Seattle. Established in 1992 as the U.S. presence of Great Eagle Holdings Limited, Pacific Eagle is one of the world’s leading real estate investment and development companies in the United States and has experience in acquisition, disposition, asset management, leasing, property management, and construction management. The company also manages a real estate fund through Pacific Eagle (US) Real Estate Fund. Some of the company’s current projects include: Cavalleri in Malibu, CA; The Austin in San Francisco, CA; The Langham Chicago; and the Dexter Horton Building in Seattle, WA.