297,000+ SF Commercial Office Campus Now Owned by PCCP, LLC and Urban Renaissance Group LLC
Project to be renamed Cascade Yard
Seattle, Wash., January 2nd, 2020 –
Seattle-based commercial real estate firm Urban Renaissance Group LLC (www.urbanrengroup.com) (URG), and real estate investment firm Miller Global Properties (MGP), today announced the sale of the 297,508 sq. ft. Lincoln Executive Center (LEC) in Bellevue, Wash. to PCCP, LLC and URG.
Located at 3380 146th Place S.E. along the I-90 corridor, the six-buidling, 14-acre campus was constructed in 1984 and includes three mid-rise and two single-story Class A office buildings, as well as a new stand-alone amenity building. Recent improvements to the campus include renovated lobbies, upgraded building systems, modernized elevators and construction of a market leading stand-alone amenities center. The buildings are currently 96 percent leased.
As part of the sale, URG will recapitalize and invest with PCCP at LEC. Simultaneous with closing, the new ownership has changed the campus name to Cascade Yard, a tribute in part to the site’s history as Dobbins Lumber yard in the mid 1900’s. Additionally, the name change corresponds with the opening of The Yard, the project’s new 3,700 sq. ft. centrally-located amenity center.
“We’ve long believed Cascade Yard is a great asset in a great location that is attractive to today’s technology-oriented office worker,” said URG Founder and Chief Executive Officer, Patrick Callahan. “That worker is accustomed to an amenity rich collaborative environment”. “We’re also very pleased to be reinvesting in this asset with PCCP and they are the right partner for our next round of improvements for the project,” he added.
“The Eastside is a desirable investment location supported by a handful of nationally and regionally strong tenants which have driven vacancies to historic lows and created upward pressure on rental rates,” said Dorian Farhang vice president with PCCP. “Altogether, Cascade Yard presented an attractive opportunity to recapitalize a substantially improved asset with a best-in-class local operator, benefit from the current leasing momentum, and participate in an exceptionally strong Eastside office market.”
As the new ownership group, PCCP and URG anticipate exploring a Master Development Plan with the City of Bellevue that would add additional office space to the project. Zoning changes by the City of Bellevue in 2017 as part of the Eastgate Comprehensive plan update permitted additional height and FAR.
The acquisition is PCCP and URG’s second joint venture in 2019 following the recapitalization of Seatac Office Center in Seatac, Wash. earlier this year.
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 the form of the American City is 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.
PCCP, LLC is a real estate finance and investment management firm focused on commercial real estate debt and equity investments. PCCP has $10.6 billion in assets under management on behalf of institutional investors. With offices in New York, San Francisco, Atlanta, and Los Angeles, PCCP has a 21-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 $21.8 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.
