Seattle-based Urban Renaissance Group LLC (URG) and Iron Point Partners, LLC sold the 548,704-square-foot SeaTac Office Center in SeaTac, WA to a partnership between San Francisco-based PCCP, LLC and URG. As part of the sale, URG will recapitalize and invest with PCCP with plans to expand tenant amenities and improve common areas.
The 94%-occupied asset is located at 18000 Pacific Highway South, across from the SeaTac International Airport. URG and Iron Point purchased the three-building complex in October 2015 at 62% occupancy. The owners returned the asset to Class A status via improvements and achieved higher renewals.
URG’s Patrick Callahan says, “Given the great location of this asset, and significant office rent increases in the Seattle/Bellevue markets, there is continued and growing demand for office space near the airport and light rail. URG was very interested in remaining in ownership.”
NKF’s Kevin Shannon, Nick Kucha, Michael Moll, James Childress and Bill DeLacy represented the sellers.
Dennis Kaiser is Vice President of Content and Public Relations for
Connect Commercial Real Estate. Dennis is a communications
leader with more than 30 years of experience.
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