SEATTLE–(BUSINESS WIRE)–Seattle-based commercial real estate company Urban Renaissance Group LLC (www.urbanrengroup.com) (URG) and KKR, a leading global investment firm, today announced the acquisition of the 300 Pine St building in downtown Seattle.
Located on a full block between 3rd Avenue and 4and Ave in the heart of Seattle’s Mall, the iconic 770,000 square foot, eight-story mixed-use building with its historic facade will feature 85,000 square feet of renovated ground-floor retail designed to house flagship stores , as well as a new superb 4and Entrance on the avenue to access the 682,000 square feet of commercial office space currently fully leased to a single tenant. The office portion will feature 80,000 square foot floor plates, seismic retrofit and over twenty skylights, including two skylights providing supplemental lighting for the upper two floors.
Originally home to Seattle’s beloved Bon Marché department store, the art deco-style building was built in 1929 with four additional floors added in 1955. Between 2015 and 2017, then-owner Macy’s sold the upper six levels for offices, and in 2020 the department store closed. The renovated historic building will feature a timeless facade, a 20,000 square foot rooftop terrace, unique interiors and 15 foot high ceilings with ornate colonnades and dramatic architectural features that hail from the department stores of the 19th century era. 1920s. Elements of the historic building will be invigorated with a contemporary plan that connects several elements of the program through a central common space.
The new retail space on the ground floor, conveniently located above Westlake light rail station with bus stops to the west (3rd Ave) and East (4and Ave), the entrances will be called “Le Bon Marché Collectif” in homage to the building’s history. It will offer commercial suites for rent ranging from approximately 3,000 square feet to 16,600 square feet with additional potential for a large ground floor dining room. Victrola Coffee currently occupies a retail space at 3rd Ave and will remain at the southwest corner of the building.
“Investing in this historic building marks our fourth investment in the Puget Sound region,” said Justin Pattner, head of real estate equity for KKR in the Americas. “This is an attractive market poised for long-term growth, driven by its strong and growing workforce, attractive cost of living and the fact that it is simply a highly desirable place to live with excellent quality of life. 300 Pine is an important part of the Seattle community and we look forward to bringing it to its full potential.
Billy Butcher, COO of KKR’s global real estate business, added: “We believe in the strong potential of unique and iconic buildings that serve large corporations with long-term leases and we are very pleased to invest. in 300 Pine as part of our Prime Single Tenant strategy. We recently acquired over ten million square feet of similarly located buildings and the Puget Sound area has quickly become a big part of that strategy given our confidence in the area’s attractive fundamentals.
“Originally built as a monument to Seattle’s Pacific Northwest commercial strength, this beautiful historic building remains a symbol of our city’s strength and resilience,” said Patrick Callahan, CEO of UrbanRenaissance Group. “We are delighted with this transaction with KKR and excited about the future of this building. This acquisition reflects our mutual trust in the region and specifically in downtown Seattle, where we look forward to strengthening Seattle’s commercial core. »
KKR’s Trust in the Puget Sound Region
300 Pine marks KKR’s fourth acquisition in the Puget Sound area. Since entering the Seattle real estate market less than a year and a half ago, KKR has completed several major transactions with URG totaling over two million square feet:
The Summit, a 915,000 square foot Class A office complex comprised of three buildings in Bellevue’s central business district.
Tower 333, a 20-story Class A office tower located in the Bellevue Central Business District, fully leased to a single tenant.
F5 Tower, a fully leased 43-story Class A office tower in downtown Seattle.
KKR makes the investment from one of its sponsored real estate investment vehicles focused on high-quality, stabilized, income-oriented assets.
For current retail rental requests within the Bon Marché Collectif at 300 Pine, interested parties can contact Maria Royer of Real Retail ([email protected]).
Eastdil Secured represented the seller in the transaction and advised KKR and URG on the financing.
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, Urban Renaissance Group’s (URG) strategic premise is that the shape of the American city is changing. URG acts as a catalyst that understands and triggers this change, thereby creating a community, generating appropriate returns for its investors and opportunities for its partners and employees. Learn more about www.urbanrengroup.com.
KKR is a leading global investment firm providing alternative asset management, capital markets and insurance solutions. KKR aims to generate attractive returns on investment by following a patient and disciplined investment approach, employing world-class people and supporting the growth of its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer pension, life insurance and reinsurance products under the management of The Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For more information about KKR & Co. Inc. (NYSE:KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co