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July 30, 2014
Pemco will sell a full block on Eastlake Avenue East between Harrison and Thomas in South Lake Union where its headquarter offices have been located for more than 30 years.
Cushman & Wakefield |Commerce said it will broker the sale. Pemco will lease back the property until it finds a new location in the area that better meets its future needs.
Matt Christian of Cushman & Wakefield |Commerce said the property is “one of the most significant remaining opportunities in the South Lake Union market.”
The 90,000-square-foot site has two adjoining office buildings with 168,260 square feet of net rentable area, a 300-car parking structure and about 30,000 square feet of developable land.
The block is bound by Eastlake, Yale Avenue, Thomas Street and Harrison Street.
Stan McNaughton, CEO of Pemco Insurance, said in a press release, “Although we’re selling our old headquarters, our new one will be nearby. We want to stay close to the vibrancy, creativity and growth happening in the South Lake Union neighborhood.”
He said moving to a new headquarters will help Pemco attract and retain experienced employees.