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PCCP Joins Urban Renaissance Group on 550K-SF SeaTac Deal

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.

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About Dennis Kaiser

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 including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

  • ◦Sale/Acquisition