Urban Renaissance Group LLC has recapitalized the 20-story Plaza 600 tower in Seattle in a deal with BentallGreenOak.

The transaction was recorded by King County as a $97 million sale with Seattle-based URG transferring ownership to the new partnership. BentallGreenOak was created a year ago when Bentall Kennedy merged with GreenOak Real Estate.

The deal will result in a renovation of the 50-year-old building’s lobby and upgrades to common areas and ground-level retail spaces, URG said. A company spokesperson said the design and construction teams haven’t been selected.

The area near Plaza 600, which is Sixth Avenue and Stewart Street, has been dramatically transformed with Amazon building a collection of high-rise headquarter towers a block away. Kilroy Realty Corp., juiced the neighborhood’s real estate market last week when it paid a near-record $2,224 a square foot for a large development site.

Joshua Green Corp., of Seattle, paid $54.9 million for Plaza 600 and months later merged with URG to work with institutional investors like BentallGreenOak. This was about the time Amazon’s expansion in downtown Seattle started.

URG already has upgraded the property and will now remodel the lobby.

The owners of many older buildings all around the city have taken a similar tack to keep their properties relevant in the face of competition from new buildings. Two Union Square, the Exchange Building, Columbia Center are among the renovated properties, with a major remodel of US Bank Centre planned.

Plaza 600 totals about 209,250 square feet of office with a small amount of retail. The building is 91 percent leased, with office furniture company MBI, Hoffman Construction, Regus coworking and engineering company Sazaan the major tenants.

Eastdil Secured Managing Director Jason Flynn brokered the transaction on behalf of URG.