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December 10, 2015

Financing for SeaTac Office Center

By JOURNAL STAFF

Bruce Ganong and Erica Christensen of HFF’s debt placement team secured $38.87 million in financing for Urban Renaissance Group and Iron Point Partners to buy SeaTac Office Center.

URG and Iron Point paid $47.1 million for the property at 18000 Pacific Highway S. in SeaTac.

It has three buildings constructed between 1974 and 1980, with about 550,000 square feet. Two buildings are 12 stories with 210,000 square feet and 225,000 square feet respectively. The other is a four-story, 115,000-square-foot structure.

They are 63 percent leased, according to HFF. URG and Iron Point plan to upgrade systems and exteriors, and make other enhancements.

HFF also represented the seller: ScanlanKemperBard Cos. of Portland.




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