11 July 2018 - Seattle
Pembroke enters Seattle with 400 Fairview acquisition
On behalf of its investors, Pembroke facilitated the acquisition of the fully-leased 349,152 sq ft Class A+ mixed-use property from sellers Skanska and TH Real Estate, an affiliate of Nuveen (the investment manager of TIAA). The acquisition marks Pembroke’s first property in Seattle, and an expansion of its West-Coast portfolio, joining 140 New Montgomery and 100 California Street in San Francisco.
Designed to blend local retail with compelling collaborative workspaces, 400 Fairview focuses on the overall tenant experience. The building is 100 percent leased, including the headquarters of Tommy Bahama, Impinj, Delta Dental and Car Toys/Wireless Advocates, as well as local headquarters to Stantec. An urban destination, the curated 18,000 sq ft open-gathering ground floor Hall is home to a collection of locally cultivated artisan bakeries, restaurants and retailers including Kai Market by Uwajimaya, Bar Harbor, and mBar.
Cory Saunders, Vice President for Pembroke, comments:
400 Fairview is a significant investment for Pembroke. 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. We take a thoughtful approach to real estate that is future-focused, and 400 Fairview’s flexible and efficient work spaces coupled with its dynamic retail mix and curated amenities perfectly complements our global portfolio.
"400 Fairview is focused on providing the best amenities and work spaces to better serve our community, tenants, and investors that ultimately purchase our buildings," said Murphy McCullough, executive vice president for Skanska USA Commercial Development. "Skanska is honored that these same traits are what attracted Pembroke to purchase 400 Fairview. Pembroke has an exceptional reputation for managing Class A+ properties and we look forward to watching them manage this creative asset going forward."
Skanska developed 400 Fairview and completed it in 2015, selling majority interest to TH Real Estate later that year. The building is a LEED V3.0 Gold, best-in-class office tower located in the most sought-after Seattle submarket, South Lake Union. The multi-tenant property is ideally situated one block from I-5 on and off ramps, and easily accessible via public transportation. Its location, design, efficient floor plates, bespoke amenities and common roof deck distinguishes it from other new assets in the SLU. Focused on well-being, the property also includes a well-appointed end-of-trip facility, and fast charging stations for electric vehicles.
Cory Saunders for Pembroke said:
Skanska and TH Real Estate have created an exceptional marquee asset with a vibrant tenant experience and a unique locally-focused retail hub for the community – we look forward to delivering upon their vision for 400 Fairview long into the future
Pembroke takes care to build long-term relationships with its tenants and study how the spaces within its properties are used to enhance their day-to-day and workplace experiences. Complementing Pembroke’s hands-on approach to real estate, 400 Fairview was designed to promote encounters and unique collaborations.
Jason Flynn and Reid Rader of Eastdil Secured represented Skanska and TH Real Estate in this transaction.