November 8, 2019 Comments Off on Urban Renaissance Group Grabs Downtown Seattle Tower for $177M Views: 811 Seattle & Pacific Northwest News, Seattle News, Top Seattle

Urban Renaissance Group Grabs Downtown Seattle Tower for $177M

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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.

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