November 8, 2019
Seattle-based Urban Renaissance Group (URG) acquired the Park Place Building in Seattle for $177 million. The seller was an affiliate of Washington Holdings.
Located at 1200 6th Ave. (6th and University) in Seattle’s CBD, the 21-story, property encompasses more than 317,000 square feet of office space. The building is currently more than 95% leased to multiple long-term tenants.
Built in the 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 near light rail, and bus lines; as well as 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.
Eastdil Secured represented the seller in this transaction. The asset is URG’s largest wholly-owned asset by value.
For comments, questions or concerns, please contact Dennis Kaiser