URG Buys Park Place Building For $177M
Urban Renaissance Group recently purchased Park Place Building in Seattle for $177M from Washington Holdings.
The 21-story, 317K SF building is now the company’s largest asset. It is currently 95% leased. Located at 1200 Fifth Ave., the building was constructed in the 1970s and was fully renovated in 2012 by architect and tenant Gensler.
The building includes a green roof, a rain catchment system, water-efficient fixtures, air flow measure systems, a green cleaning program and a satellite-controlled irrigation system. It received the first LEED-EB Platinum designation in Seattle.
Eastdil Secured represented the seller.
In February, Urban Renaissance Group purchased the Gladys McCoy Building in Portland. The firm has 9.2M SF of real estate in Seattle, Portland and Denver.
Earlier this year, URG CEO Pat Callahan told a Bisnow event audience that Seattle would be spared during any impending recession. He cautioned, however, that the city shouldn't get too complacent, because tech jobs, which are currently driving the economy, could move anywhere.
