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URG Finalizes $100M Recapitalization of Plaza 600 Tower in Seattle with BentallGreenOak
Seattle-based Urban Renaissance Group (URG) recapitalized Seattle’s Plaza 600, a 20-story office tower, with real estate investment firm BentallGreenOak for a reported $97 million. The 214,319-square-foot Class A asset was originally acquired by URG in 2012.
Since then, URG has made significant investments in the asset, including exterior plaza renovations, new pedestrian access to Westlake and common-area upgrades. The back-of-house systems were also improved, notably the pressurization of the building core, which allows for a medium-sized tenant to enjoy an open floor plan with access directly off the elevator.
As part of the recapitalization, URG will re-invest in the asset with partner BentallGreenOak. Planned improvements include a fully-renovated lobby, upgraded common areas and ground-level retail improvements. The property was built in 1969 and includes 209,256 square feet of office, 5,063 square feet of ground-level retail and is currently more than 91% leased.
Eastdil Secured’s Jason Flynn brokered the transaction on behalf of URG.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Financing
- ◦Sale/Acquisition
