Home News Releases Pembroke Enters Seattle With 400 Fairview Acquisition

Pembroke Enters Seattle With 400 Fairview Acquisition

SHARE
Pembroke, 400 Fairview Avenue, South Lake Union, Seattle, Siahsia, TH Real Estate, Eastdil Secured, San rancisco,

11 July 2018 – Pembroke today announced the acquisition of 400 Fairview Avenue in the heart of Seattle’s South Lake Union. On behalf of its investors, Pembroke facilitated the acquisition of the fully-leased 349,152 sq ft Class A+ mixed-use property from sellers Skanska and TH Real Estate, an affiliate of Nuveen (the investment manager of TIAA). The acquisition marks Pembroke’s first property in Seattle, and an expansion of its West-Coast portfolio, joining 140 New Montgomery and 100 California Street in San Francisco.

Designed to blend local retail with compelling collaborative workspaces, 400 Fairview focuses on the overall tenant experience. The building is 100 percent leased, including the headquarters of Tommy Bahama, Impinj, Delta Dental and Car Toys/Wireless Advocates, as well as local headquarters to Stantec. An urban destination, the curated 18,000 sq ft open-gathering ground floor Hall is home to a collection of locally cultivated artisan bakeries, restaurants and retailers including Kai Market by Uwajimaya, Bar Harbor, and mBar.

Cory Saunders, Vice President for Pembroke, comments:
“400 Fairview is a significant investment for Pembroke. Not only are we expanding into a new market, but this first acquisition in Seattle demonstrates our continued commitment to our U.S. markets, and the growth of our global portfolio. Seattle has been a target market for us due to its long-term growth potential and operational synergies with San Francisco, where we currently manage two assets. We take a thoughtful approach to real estate that is future-focused, and 400 Fairview’s flexible and efficient work spaces coupled with its dynamic retail mix and curated amenities perfectly complements our global portfolio.”

“400 Fairview is focused on providing the best amenities and work spaces to better serve our community, tenants, and investors that ultimately purchase our buildings,” said Murphy McCullough, executive vice president for Skanska USA Commercial Development. “Skanska is honored that these same traits are what attracted Pembroke to purchase 400 Fairview. Pembroke has an exceptional reputation for managing Class A+ properties and we look forward to watching them manage this creative asset going forward.”

Skanska developed 400 Fairview and completed it in 2015, selling majority interest to TH Real Estate later that year. The building is a LEED V3.0 Gold, best-in-class office tower located in the most sought-after Seattle submarket, South Lake Union. The multitenant property is ideally situated one block from I-5 on and off ramps, and easily accessible via public transportation. Its location, design, efficient floor plates, bespoke amenities and common roof deck distinguishes it from other new assets in the SLU. Focused on well-being, the property also includes a well-appointed end-of-trip facility, and fast charging stations for electric vehicles.

“Skanska and TH Real Estate have created an exceptional marquee asset with a vibrant tenant experience and a unique locally-focused retail hub for the community – we look forward to delivering upon their vision for 400 Fairview long into the future,” said Cory Saunders for Pembroke.

Pembroke takes care to build long-term relationships with its tenants and study how the spaces within its properties are used to enhance their day-to-day and workplace experiences. Complementing Pembroke’s hands-on approach to real estate, 400 Fairview was designed to promote encounters and unique collaborations.

Pembroke is an international real estate advisor that acquires, develops and manages properties and places in the world’s leading cities. By combining a global point of view with local expertise, Pembroke creates and manages mixed-use and office environments that deliver the best outcomes for tenants, the surrounding communities, and its investors. The Pembroke portfolio includes signature properties in key global markets including Boston, London, Munich, San Francisco, Stockholm, Sydney, Tokyo, and Washington, DC.

Jason Flynn and Reid Rader of Eastdil Secured represented Skanska and TH Real Estate in this transaction.

About Pembroke
We’re an international real estate advisor that acquires, develops and manages properties and places – specializing in mixed-use and office environments in the world’s leading cities. Facilitating patient capital for FMR LLC (Fidelity Investments) and its affiliates, and Eight Roads, the proprietary investment arm of FIL (Fidelity International Limited), we take a long-term approach to real estate, investing in global cities with proven long-term growth potential.

We have offices in Boston, London, Stockholm, Sydney, Tokyo, and Washington DC, and manage approximately 794,000 sq m/8.5m sq ft in North America, Europe, and Asia Pacific. By combining a global point of view with local expertise, we’re able to create and manage world-class properties that deliver the best outcomes for our tenants, investors and the communities in which we work.

For more information, visit www.pembroke.com

About Skanska USA
Skanska USA is one of the largest, most financially sound construction and development companies in the U.S., serving a broad range of clients including those in transportation, power, industrial, water/wastewater, healthcare, education, sports, data centers, government, aviation, life sciences and commercial. Headquartered in New York with offices in 31 metro areas, we have nearly 11,000 employees committed to being leaders in safety, project execution, sustainability, ethics and people development. In 2017, our work in building construction, civil and power/industrial construction, commercial development and infrastructure development (public-private partnerships) generated $7.3 billion in revenue. Global revenue of parent company Skanska AB, headquartered in Stockholm and listed on the Stockholm Stock Exchange, totaled $18.8 billion in 2017. Skanska shares are publicly traded in the U.S. on the OTC market under the symbol SKBSY through a Level I American Depository Receipt program.

About TH Real Estate
TH Real Estate, an affiliate of Nuveen, the investment manager of TIAA, is one of the largest real estate investment managers in the world with $114bn in AUM. Managing a suite of funds and mandates spanning both debt and equity across diverse geographies, sectors, investment styles and vehicle types, we provide access to every aspect of real estate investing. With over 80 years of investing experience, and more than 500 real estate professionals located across 24 cities throughout the US, Europe and Asia Pacific, the platform offers unparalleled geographic reach, which is married with deep sector expertise.