URG and PCCP Purchased 548,000+ SF Commercial Office Campus in 2019
Seattle, Wash., March 4, 2025 – Seattle-based commercial real estate firm Urban Renaissance Group LLC (www.urbanrengroup.com) (URG) and San Francisco-based real estate investment firm PCCP today announced that they have sold the 548,704 sq. ft. International Place class A office building in SeaTac, Wash. to the Port of Seattle.
Located at 18000 Pacific Highway South across from Seattle-Tacoma International Airport and within walking distance of the SeaTac/Airport Link Light Rail station, URG originally purchased the building in 2015 with Iron Point Partners. During the initial ownership period, the building underwent extensive modernizations including adding new amenities, modern and up-to-date cosmetic materials, updating and adding conference rooms, upgrading and expanding the fitness center, upgrading building systems, and making exterior improvements. These investments returned the asset to Class A, driving up occupancy.
“We’re incredibly proud of the transformation we believe we have achieved at International Place. When we first acquired the property, we recognized the immense potential. Through strategic investments and a commitment to modernizing the campus, we believe we were able to elevate it to one of the premier office destinations in the south-end submarket. This wouldn’t have been possible without the strong alignment and partnership with PCCP,” said Matthew Simo, Chief Executive Officer.
In 2019, URG recapitalized the ownership structure with PCCP. Since 2019, ownership continued the modernization of the property, including renovation of the lower plaza and updates to the common corridors and elevator lobbies throughout the South Tower. The repositioning also included a rebrand, renaming the asset from SeaTac Office Center to International Place, which included new monument signs, directional signage, etc.
Simo continued, “We believe this sale to the Port of Seattle represents a successful culmination of our vision and a testament to the strong demand for well-located office space. We are also very excited to continue our partnership with the Port as the operator of International Place.”
Built between 1974 and 1980, the three-building the International Place office complex includes two 12-story North and South Towers at 225,000 and 215,000 sq. ft. each, and a four-story, 110,000 sq. ft. low-rise building. Currently more than 75 percent occupied, tenants include Alaska Airlines, Lynden, TSA, the Port of Seattle and 13 Coins.
URG will continue to partner with the Port of Seattle as local operator at International Place.
About Urban Renaissance Group
Urban Renaissance Group LLC is a Seattle-based full-service commercial real estate company, engaged in acquisitions, development, asset management, leasing, property management and ownership in Seattle, Bellevue, Denver and Portland. Founded in 2006, the strategic premise of Urban Renaissance Group (URG) is that urban centers are changing. URG acts as a catalyst that understands and ignites that change, thereby building community, generating appropriate returns for its investors and opportunities for its partners and employees. Learn more at www.urbanrengroup.com.
About PCCP
PCCP is a real estate finance and investment management firm focused on commercial real estate debt and equity investments. PCCP has $24.9 billion in assets under management on behalf of institutional investors as of September 30, 2024. With offices in New York, San Francisco, Atlanta, and Los Angeles, PCCP has a 26-year track record of providing real estate owners and investors with a broad range of funding options to meet capital requirements. PCCP underwrites the entire capital stack to exploit inefficiencies in the market and provide investors with attractive risk-adjusted returns. Since its inception in 1998, PCCP has managed, raised or invested over $42.2 billion of capital through a series of investment vehicles including private equity funds, separate accounts and joint ventures. PCCP continues to seek investment opportunities with experienced operators seeking fast and reliable capital. Learn more about PCCP at www.pccpllc.com.
