October 4, 2016
Madison Marquette acquired the six-level, 1,200-stall underground parking garage underneath downtown Seattle’s 330,000-square-foot Pacific Place. The $87-million acquisition was completed concurrently with the closing of a $207 million loan with Wells Fargo Bank.
The new owner will use part of the proceeds to fund the garage acquisition, with the remainder being applied to refinance the existing loan on the retail center, which Madison Marquette acquired in July 2014. There will be enough to finance future redevelopment plans on the center as well. The redevelopment is scheduled to begin next year.
Pacific Place is at Sixth Avenue and Pine Street. Tenants include Barneys New York, Tiffany & Co., Kate Spade New York, and AMC Pacific Place 11.
For comments, questions or concerns, please contact Amy Sorter