SEATTLE — Seattle-based commercial real estate firm Urban Renaissance Group LLC (URG) and global investment firm KKR have acquired 300 Pine St. in downtown Seattle for approximately $580 million.
Taking up a full city block between Third and Fourth avenues, the property is a 770,000-square-foot, eight-story, mixed-use building that features 85,000 square feet of renovated ground-floor retail designed to accommodate retail flagship stores. The property has a new Fourth Avenue entrance to access the 682,000 square feet of commercial office space currently 100 percent leased to a single tenant.
The office portion features 80,000-square-foot floorplates, seismic retrofitting and over 20 skylights including two light wells providing additional light for the top two floors.
The asset was originally home to Seattle’s Bon Marché department store. The art-deco style building was constructed in 1929 with four additional stories added in 1955. Between 2015 and 2017, then-owner Macy’s sold the upper six levels of office space, and in 2020 the department store closed. The renovated landmark building features a 20,000-square-foot rooftop deck and 15-foot ceilings.
The ground-level retail space is located above the underground Westlake light rail station with bus stops at the west and east entrances. The property will offer retail suites for lease ranging from approximately 3,000 square feet to 16,600 square feet with additional potential for a ground-floor food hall. Victrola Coffee currently occupies retail space on Third Avenue and will remain at the building’s southwest corner.
300 Pine is KKR’s fourth acquisition in the Puget Sound region. Since entering the Seattle real estate market, KKR has completed several major transactions with URG totaling more than two million square feet including The Summit, a three building, 915,000 square feet, Class A office complex in Bellevue’s central business district; Tower 333, a 20-story, Class A office tower; and F5 Tower, a 43-story, Class A office tower in downtown Seattle.
Eastdil Secured represented the undisclosed seller in the transaction and advised KKR and URG on the financing.
— Julia Sanders