REBusinessOnline

Pembroke Acquires 14-Story Office Building in Seattle for $338.4M

SEATTLE — Pembroke Real Estate has acquired the 400 Fairview Building in the South Lake Union neighborhood of Seattle for $338.4 million. The 14-story, Class A office building was constructed in 2015 and is currently 98 percent leased.

Pembroke purchased the property from a joint partnership between TH Real Estate and Swedish development and construction company Skanska, as well as Skanska’s financial partner, TIAA. TH Real Estate acquired a 90 percent stake in the property for $235 million in 2015 from Skanska, which retained a 10 percent ownership.

“400 Fairview is a significant investment for Pembroke,” says Cory Saunders, the company’s vice president. “Not only are we expanding into a new market, but this first acquisition in Seattle demonstrates our continued commitment to our U.S. markets, and the growth of our global portfolio.” 
 
“Seattle has been a target market for us due to its long-term growth potential and operational synergies with San Francisco, where we currently manage two assets,” continues Saunders. “400 Fairview’s flexible and efficient work spaces coupled with its dynamic retail mix and curated amenities perfectly complements our global portfolio.”

Current tenants at the LEED Gold-certified building include, Delta Dental; technology manufacturer Impinj; lifestyle company Tommy Bahama; communications company Wireless Advocate and Car Toys, a mobile electronics retailer.

The ground floor of the building features The Hall, a group of 10 restaurants and retailers that is open to the public.

The 349,152-square-foot property sold for approximately $970 per square foot.

“TH Real Estate acquired 400 Fairview as a newly delivered, high-quality office asset in one of our primary markets with leasing upside,” said Andrew Pyle, the head of Northwest transactions for the company. “The asset achieved stabilization faster than anticipated and has performed exceptionally well since acquisition. Skanska is a great JV partner and did a tremendous job developing, leasing and managing 400 Fairview into a first-class asset over our investment horizon.”

— David Cohen

 

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