Urban Renaissance Group Buys 21-Story Park Place Office Tower in Seattle for $177M
SEATTLE — Seattle-based Urban Renaissance Group (URG) has purchased Park Place, an office building located in Seattle. An affiliate of Washington Holdings sold the asset for $177 million.
Located at 1200 Sixth Ave, the 21-story tower features 317,000 square feet of commercial office space. At the time of sale, the property was more than 95 percent leased with multiple long-term tenants. The building was built in the 1970s. Gensler, an international architect and a tenant in the tower, fully renovated the property in 2012 with contemporary finishes, a dedicated fitness center, secured bike storage and 181 parking stalls.
Additionally, the building features a green roof, rain catchment system, water efficient fixtures, systems to measure air flow, a green cleaning program, satellite-controlled irrigation and a LEED-EB Platinum designation.
Eastdil Secured represented the seller in the deal.