By Marc Stiles – Staff Writer
November 1, 2019, 1:26pm EDT
Seattle-based Urban Renaissance Group on Thursday said it bought the Park Place Building in Seattle for $177 million.
An affiliate of another Seattle company, Washington Holdings, sold the 1970s-era building, which was renovated in 2012. The 21-story property last sold 12 years ago for $116 million, public records show.
It’s the latest of several Seattle office building sales this year, demonstrating a belief that job growth will continue in Seattle even despite Amazon having said that it has no plans to expand further in the city. Construction is ongoing on a 388,000-square-foot project at 2205 Seventh Ave., which is expected to be Amazon’s last Seattle development.
Last month Seattle-based Unico Properties bought the office tower at Westlake Center with a fund backed by institutional investors.
Urban Renaissance Group exclusively bought Park Place, and said the building is its largest wholly-owned asset among the 9.2 million square feet it owns in Seattle, Portland and Denver. With this acquisition, URG’s platform has grown by 985,000 square feet in 2019.
The 317,000-square-foot building is 95 percent leased with multiple long-term tenants, URG said.
Eastdil Secured represented the seller in this transaction.
