Purchase Represents Sixth Owned-Asset for URG in the Pacific Northwest and Firm’s First Biotechnology Office Building
Seattle, Wash., August 31, 2015 – Urban Renaissance Group (www.urbanrengroup.com) (URG) today announced it has acquired the Rosen Building in Seattle from Vulcan Real Estate (www.vulcan.com) for $42 million.
Located at 960 Republican Street in South Lake Union, the Rosen Building is a Class-A biotechnology office building totals more that is approximately 60,000 square feet. The University of Washington (UW) School of Medicine operates a biomedical research facility in the building under a long term lease and is its sole tenant.
“The Rosen Building is URG’s first life sciences building and represents our ongoing portfolio diversification,” said URG Founder and Chief Executive Officer, Patrick Callahan. “We’re thrilled to own this building and see it as a long-term hold opportunity.”
“The Rosen Building was Vulcan’s first development project in South Lake Union and helped establish the neighborhood as a desirable and collaborative community for life sciences and creative class workers,” said Ada M. Healey, Vice President of Real Estate at Vulcan, Inc. “With the University of Washington School of Medicine as a tenant, it should continue to demonstrate strong investment performance for many years to come.”
Researchers at UW Medicine’s biotechnology and medical research hub in South Lake Union use the building to develop life-changing therapies and to research medical breakthroughs that will positively impact the health of future generations, both locally and globally.
The purchase of the Rosen Building represents URG’s sixth wholly owned-asset in the Pacific Northwest, whose portfolio also includes the Joshua Green Building and Plaza 600 in Seattle, Wash.; Island Village Shopping Center in Bainbridge Island, Wash; Bridal Trails Shopping Center in Kirkland, Wash ; Five Centerpoint in Lake Oswego, Ore. This portfolio is a legacy of Joshua Green Corporation’s real estate ownership, and became part of URG in 2012.
URG’s debt financing was provided by Washington Federal.
About Urban Renaissance Group
Urban Renaissance Group, LLC is a Seattle-based full-service commercial real estate company, engaged in acquisitions, development, asset management, property management and ownership in Seattle, Bellevue, Denver and Portland. The strategic premise of the Urban Renaissance Group is that the form of the American City will change dramatically during the next 20 years. Urban Renaissance Group acts as a catalyst that understands and ignites that change, thereby generating superior returns for its investors, as well as opportunities for its partners and employees. Learn more at www.urbanrengroup.com.
About Vulcan Real Estate
Seattle-based Vulcan Real Estate directs all real estate investment activities for Vulcan Inc., a Paul G. Allen company. Through strategic acquisitions and innovative development, Vulcan Real Estate has created a diversified portfolio of high-performing quality assets including office, biotech, residential and mixed-use projects. The company’s integrated team of real estate professionals offers a full range of development and portfolio management services from site selection and urban planning to build-to-suit construction, leasing and asset repositioning. Its real estate model is based on quality, sustainable development that builds new value across the entire community. To date, Vulcan has delivered 6.0 million square feet in 27 new office, biotech, residential and mixed-use projects in Seattle’s South Lake Union neighborhood. The company has two projects currently under construction including the Allen Institute in South Lake Union and the Augusta apartments in the University District. The company has several more projects in pre-development planning including three sites at Yesler Terrace where it will build approximately 650 residential units. Vulcan Real Estate currently manages nearly $2 billion in real estate assets. For more information, visit www.vulcanrealestate.com.