{"id":470260,"date":"2021-04-01T18:34:29","date_gmt":"2021-04-01T22:34:29","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=470260"},"modified":"2021-04-01T18:34:29","modified_gmt":"2021-04-01T22:34:29","slug":"kkr-urban-renaissance-group-acquire-300-pine-building-in-downtown-seattle","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/kkr-urban-renaissance-group-acquire-300-pine-building-in-downtown-seattle\/","title":{"rendered":"KKR & Urban Renaissance Group Acquire 300 Pine Building in Downtown Seattle"},"content":{"rendered":"

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KKR & Urban Renaissance Group Acquire 300 Pine Building in Downtown Seattle<\/b><\/p>\n

Iconic 770,000 SF, Eight-Story Historic Mixed-Use Building to Feature Class A Office Space and Renovated Ground-Level Retail<\/i><\/b><\/p>\n

SEATTLE–(BUSINESS WIRE<\/a>)–
\nSeattle-based commercial real estate firm Urban Renaissance Group LLC (www.urbanrengroup.com<\/a>) (URG) and KKR, a leading global investment firm, today announced the acquisition of the 300 Pine St building in downtown Seattle.\n<\/p>\n

This press release features multimedia. View the full release here: https:\/\/www.businesswire.com\/news\/home\/20210401005945\/en\/<\/a><\/p>\n

\"Seattle-based<\/p>\n

Seattle-based commercial real estate firm Urban Renaissance Group LLC (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 city block between 3rd Ave and 4th Ave in the heart of Seattle\u2019s retail core, the 770,000 sq. ft., eight-story mixed-use iconic building with its historic fa\u00e7ade will feature 85,000 sq. ft. renovated ground-floor retail designed to accommodate retail flagship stores, along with a new stunning 4th Avenue entrance to access the 682,000 sq. ft. of commercial office space currently fully-leased to a single tenant. The office portion will feature 80,000 sq. ft. floorplates, seismic retrofitting, and over twenty skylights including two light wells providing additional light for the top two floors. (Photo: Business Wire)<\/p>\n<\/div>\n

\nLocated on a full city block between 3rd<\/sup> Ave and 4th<\/sup> Ave in the heart of Seattle\u2019s retail core, the 770,000 sq. ft., eight-story mixed-use iconic building with its historic fa\u00e7ade will feature 85,000 sq. ft. renovated ground-floor retail designed to accommodate retail flagship stores, along with a new stunning 4th<\/sup> Avenue entrance to access the 682,000 sq. ft. of commercial office space currently fully-leased to a single tenant. The office portion will feature 80,000 sq. ft. floorplates, seismic retrofitting, and over twenty skylights including two light wells providing additional light for the top two floors.\n<\/p>\n

\nOriginally home to Seattle\u2019s beloved Bon March\u00e9 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\u2019s sold the upper six levels for office space, and in 2020 the department store closed. The renovated landmark building will feature a timeless fa\u00e7ade, a 20,000 sq. ft. rooftop deck, one-of-a-kind interiors, and 15-foot tall ceilings with ornate colonnades and dramatic architectural features that originate from the 1920\u2019s era department stores. The historic building elements will be reinvigorated with a contemporary plan that connects multiple program elements though a central common area.\n<\/p>\n

\nThe new ground-level retail space, conveniently located above the underground Westlake Light Rail Station with bus stops at the west (3rd<\/sup> Ave) and east (4th<\/sup> Ave) entrances, will be named \u2018The Bon March\u00e9 Collective\u2019 in honor of the building\u2019s history. It will offer retail suites for lease ranging from approximately 3,000 sq. ft. to 16,600 sq. ft. with additional potential for a ground-floor grand food hall. Victrola Coffee currently occupies retail space on 3rd<\/sup> Ave and will remain at the building\u2019s southwest corner.\n<\/p>\n

\n\u201cInvesting in this historic building marks our fourth investment in the Puget Sound Region,\u201d said Justin Pattner, KKR\u2019s Head of Real Estate Equity in the Americas. \u201cThis is an attractive market poised for long-term growth driven by its strong and growing workforce, attractive cost of living, and simply being a highly desirable place to live with a great quality of life. 300 Pine is an important part of Seattle\u2019s community and we are looking forward to bringing it to its full potential.\u201d\n<\/p>\n

\nBilly Butcher, Chief Operating Officer of KKR\u2019s Global Real Estate business, added: \u201cWe believe in the strong potential of unique and iconic buildings that serve large corporate users with long-term leases and we are very excited to invest in 300 Pine as part of our Prime Single Tenant strategy. We have acquired over ten million square feet of similarly situated buildings recently and the Puget Sound Region has quickly become a large part of that strategy, given our belief in the region\u2019s attractive fundamentals.\u201d\n<\/p>\n

\n\u201cOriginally constructed as a monument to Seattle\u2019s retail strength in the Pacific Northwest, this beautiful historic building remains a symbol of our city\u2019s strength and resilience,\u201d said Urban Renaissance Group CEO Patrick Callahan. \u201cWe\u2019re thrilled about this transaction with KKR and excited about the future of this building. This acquisition reflects our mutual confidence in the region and specifically in downtown Seattle, where we look forward to strengthening the heart of Seattle\u2019s retail core.\u201d\n<\/p>\n

KKR\u2019s Confidence in the Puget Sound Region<\/span><\/i><\/p>\n

\n300 Pine marks KKR\u2019s fourth acquisition in the Puget Sound region. Since entering the Seattle real estate market less than a year-and-a-half ago, KKR has completed several major transactions with URG totaling more than two million sq. ft.:\n<\/p>\n