New Ownership Partnership Signals Significant Long-Term Investment in the Asset
Seattle, Wash., December 17, 2019
Seattle-based commercial real estate firm Urban Renaissance Group LLC (www.urbanrengroup.com) (URG) today announced a recapitalization of its Plaza 600 building, a 214,319 sq. ft. commercial Class A office asset, with real estate investment firm BentallGreenOak (www.bentallgreenoak.com).
URG originally purchased the 20-story building in 2012, just prior to Amazon’s rapid headquarters expansion in downtown Seattle. Since then, URG has made significant investments in the asset, including exterior plaza renovations, new pedestrian access to Westlake and common-area upgrades. The back-of-house systems were also improved, notably the pressurization of the building core, which allows for a medium-sized tenant to enjoy an open floor plan with access directly off the elevator.
The Plaza 600 building was built in 1969 and includes 209,256 sq. ft. of office, 5,063 sq. ft. of ground-level retail and is currently more than 91 percent leased. Plaza 600 tenants benefit from its strategic location at the corner of 6th Avenue and Stewart Street in the heart of Seattle’s CBD. Located a block from Amazon’s headquarters, the asset is also immediately adjacent to Seattle’s downtown retail core and the South Lake Union line of the Seattle Streetcar.
As part of the recapitalization, URG will re-invest in the asset with partner BentallGreenOak. Planned improvements include a fully renovated lobby, upgraded common areas and ground-level retail improvements.
“BentallGreenOak has been a long-standing investor in the Seattle real estate market and we continue to believe in the fundamentals that make this a region of tremendous opportunity. We are pleased to add to our firm’s portfolio in this market with the recapitalization of Plaza 600, and to confirm our commitment to co-investing with URG in this well-positioned asset,” said Steve Reents, Managing Director of Investments, BentallGreenOak. “Partnering with URG, whom we view as best in class, brings a depth of expertise and capability to our joint efforts to successfully position this asset for the future.”
“Given Plaza 600’s proximity to Amazon’s headquarters and downtown’s ever-expanding technology office market, now was the right time to find a partner who saw a long-term interest in both the asset and our partnership” said URG Founder and Chief Executive Officer, Patrick Callahan. “We’re looking forward to reinvesting in this building in modern and exciting ways. We’re also very pleased to be reinvesting in this asset with BentallGreenOak.”
Eastdil Secured Managing Director Jason Flynn brokered the transaction on behalf of URG.
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.
About BentallGreenOak
BentallGreenOak is a leading, global real estate investment management advisor and a globally-recognized provider of real estate services. BentallGreenOak serves the interests of more than 750 institutional clients with approximately $48 billion USD of assets under management (as of September 30, 2019) and expertise in the asset management of office, retail, industrial and multi-residential property across the globe. BentallGreenOak has offices in 24 cities across twelve countries with deep, local knowledge, experience, and extensive networks in the regions where we invest in and manage real estate assets on behalf of our clients. BentallGreenOak is a part of SLC Management, which is the institutional alternatives and traditional asset management business of Sun Life.
The assets under management shown above include real estate equity and mortgage investments managed by the BentallGreenOak group of companies and their affiliates.
For more information, please visit www.bentallgreenoak.com
About Eastdil Secured
Eastdil Secured is the original, premier private real estate investment banking company with the mission to create value for our clients through creative, actionable ideas and flawless execution, and to be the most relevant and trusted advisor in the commercial real estate capital markets. Eastdil Secured has built its expertise into a knowledge franchise that is recognized as the dominant force in commercial real estate and investment banking by institutional investors around the world. Its unrivaled combination of capital markets expertise and in-depth understanding of real estate fundamentals allows the firm to deliver best-in-class advice, ideas and execution for its clients.
