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Madison Marquette Buys Pacific Place Parking Garage For $87M

Madison Marquette Buys Pacific Place Parking Garage For $87M

The private equity firm Madison Marquette, which owns Pacific Place, acquired the mall’s underground parking garage from the City of Seattle for $87M. The buyer used part of a $207M loan from Wells Fargo to buy the 1,200-stall parking garage, which takes up six levels. The balance of the loan will refi the existing loan on the shopping center and pay for redevelopment plans for the property, the Puget Sound Business Journal reports.

The city proposed selling the garage back in June since, as Mayor Ed Murray said at the time, the garage has long cost the city money. According to DC-based Madison Marquette, the company will "introduce new technology and operational improvements to enhance the consumer experience." The company acquired Pacific Place in 2014 for $271M. [PSBJ]