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Pembroke recently entered the Seattle real estate market with the acquisition of the mixed-use 400 Fairview Ave. building in South Lake Union.
The fully leased, 349K SF building was purchased from Skanska and TH Real Estate. Skanska owned 10% of the building and received about $34M from the sale, according to the company. Pembroke reportedly paid $338.4M, or about $970/SF, for the building, according to The Registry.
The 400 Fairview Ave. building has both retail and office space. It includes the headquarters of Tommy Bahama, Impinj, Delta Dental, Car Toys/Wireless Advocates and the local headquarters of Stantec. The 18K SF ground floor is occupied by Kai Market by Uwajimaya, Bar Harbor and mBar.
“400 Fairview is a significant investment for Pembroke,” Pembroke Vice President Cory Saunders said in a statement. “Not only are we expanding into a new market, but this first acquisition in Seattle demonstrates our continued commitment to our U.S. markets, and the growth of our global portfolio. Seattle has been a target market for us due to its long-term growth potential and operational synergies with San Francisco, where we currently manage two assets.”
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