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Pembroke Enters Seattle Market With $338.4M South Lake Union Building Acquisition

Pembroke enters Seattle market with acquisition of 400 Fairview Ave. in South Lake Union.

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.”

Related Topics: Pembroke, South Lake Union