Park Place

Location

Seattle, Washington

Type

Office

SQ Footage

317,000 SF

Project Completion

2019

Areas of Expertise

  • Due Diligence
  • Investment and Acquisition
  • Asset Management
  • Property Management
  • Project Management
  • Leasing

Highlights

  • URG’s largest wholly owned asset by value
  • First existing building in Seattle to be awarded LEED-EB Platinum designation
  • Adjacent to Freeway Park, a 5.2 acre public park (Seattle’s largest downtown public park) which bridges Seattle’s Downtown and First Hill neighborhoods

Largest Wholly Owned Asset by Value

Built in the 1970s and fully renovated by international architect and tenant Gensler in 2012, Park Place is a 21-story office tower in Seattle’s Central Business District. Park Place is the first existing building in Seattle to be awarded the LEED-EB Platinum designation and features a green roof, rain catchment system, water efficient fixtures, systems to measure air flow, a green cleaning program and satellite-controlled irrigation.

The Class A asset is amenity-rich with contemporary finishes, a dedicated fitness center, secured bike storage, on-site coffee shop, and immediate access to abundant outdoor green space. It’s adjacency to I-5 and proximity to light rail and major bus lines provides tenants and visitors convenient access to multi-modal transportation.

Park Place, which represents URG’s largest wholly owned asset by value, was acquired for $177M in October 2019. The asset was purchased through a 1031 exchange with the sale and recapitalization of Plaza 600 ($97M) value, significantly growing our wholly owned asset portfolio value while allowing URG to maintain an ownership interest in Plaza 600 through a new joint venture partnership.