The Port of Seattle has completed the $120 million acquisition of a three-building office complex in SeaTac. The sellers are Seattle-based Urban Renaissance Group (URG) and investment partner PCCP.

The 548,704-square-foot property sits on a 17.7-acre site at 18000 International Blvd. The acquisition follows the port commission’s approval of the purchase last fall, reported the Puget Sound Business Journal. The port approved the purchase for up to $122 million in October, with the final sales price being $2 million less than originally anticipated.

URG acquired the buildings in 2015 with Iron Point Partners for $47.1 million, and the property then underwent a $30.1 million recapitalization in 2019. The complex is 75% occupied by tenants including Alaska Airlines, Lynden Inc., the Transportation Security Administration, the Port of Seattle and 13 Coins restaurant. The port has leased space in the office park since 2015 and currently has 47,000 square feet in one of the buildings.