Downtown Seattle Real Estate Market Set for Two New Deals
By Alex Girda, Associate Editor
Seattle’s commercial real estate market is hitting its cruising speed with a number of high-profile deals set to be closed by the end of the quarter. The Puget Sound Business Journal recently broke the news regarding two acquisitions that are set to be finalized soon. The buyer in both instances is Unico Properties, an entity looking to snap up two of the properties that make up the Harbor Urban portfolio, a joint venture created by Urban Properties in Los Angeles and AREA Property Partners, a New York-based real estate company.
Both located in downtown Seattle, the two properties were part of the Bullit family’s original Harbor Properties portfolio, a venture that was eventually sold to the aforementioned partnership that became Harbor Urban. The two properties in question are the Logan Building, a 10-story office building located on the corner of Fifth Avenue and Union Street, and Pike Place Market, a retail property located near the waterfront of Elliot Bay at the base of a condo building and in the immediate vicinity of the Four Seasons Hotel.
The Logan Building offers tenants 108,000 square feet of office space in the city’s downtown area. With a strong occupancy rate of around 93 percent, major names currently residing in the five-decade-old building include the Downtown Seattle Association, as well as retailers Butch Blum and Specialty’s Café & Bakery. The Pike Place public market includes retailers such as Cinnamon Works, Crepe de France, Hands of the World, Johnson Berry Farm, Marakesh Leather and The Great Wind-Up. The anchor tenant is Pike Brewing Co.
Image courtesy of harborportfolio.com