HFF Arranges Acquisition in SeaTac Office Campus
- Nov 25, 2015
By Alex Girda, Associate Editor
As the year comes to an end, investors are flocking to the Pacific Northwest in search of office assets. A joint venture between Urban Renaissance Group and Iron Point Partners acquired the SeaTac Office Center in Seattle, Wash. from seller ScanlanKemperBard Companies. The venture worked with HFF in order to receive $38.9 million in acquisition financing for the property.
Senior Managing Director Bruce Ganong and Associate Director Erica Christensen led the HFF team that placed the floating-rate bridge loan with Bank of America. The $47.1 million sale of the property was also handled by HFF on behalf of the seller.
The SeaTac Office Center consists of three buildings located at 17900, 17930 and 18000 Pacific Highway South, in the proximity of SeaTac International Airport. Set around 15 miles south of Seattle, the property offers 538,979 square feet of office space. The property offers Link Light Rail, Metro Bus Rapid Transit and major transit lines such as the I-5 and Highway 99.
Currently 63 percent leased to national credit tenants and governmental agencies, the high-rise campus offers an amenity package that includes a gym, a full-service deli and restaurant, as well as views of Mount Rainier and the Olympic Mountains.