Media Contact Natalie Quick 206-­‐779-­‐0489 natalie@nataliequickconsulting.com Urban Renaissance Group and Iron Point Partners Purchase SeaTac Office Center for $47.1 Million Class-­‐A Office Complex Features 550,000 SF of Commercial, Retail Space; Major Renovation Planned for Asset Seattle, WA, October 30, 2015 – Urban Renaissance Group (www.urbanrengroup.com) (URG) and Iron Point Partners (www.ironpointpartners.com) (IPP) today announced their purchase of SeaTac Office Center (STOC) in SeaTac, WA for $47.1 million. Located at 18000 Pacific Highway South, the Class-­‐A office complex sits directly east of Seattle Tacoma (SeaTac) International Airport and features three buildings totaling more than 550,000 square feet of commercial office and retail space. “As the only institutional-­‐quality, high-­‐rise campus in the south-­‐end submarket, STOC offers immediate access to and from the SeaTac airport and is exceptionally well-­‐served by public transit with a light rail stop and RapidRide bus stop within one block,” said URG Founder and Chief Executive Officer, Patrick Callahan. “With core downtown markets experiencing increased rental rates and decreased vacancies, we expect this location will experience significant future demand, especially with SeaTac airport’s anticipated growth of 40 percent over the next ten years.” With these unique attributes in place, a major renovation is planned for the complex. Built between 1974 and 1980, the three-­‐building complex includes two 12-­‐story North and South Towers at 210,000 and 225,000 square feet each, and a four-­‐story, 115,000 square foot low-­‐
rise building. The center will be transformed with modern features and up-­‐to-­‐date cosmetic materials. The towers also feature unobstructed views of Mt. Rainier and the Olympic Mountain Range. Currently 62 percent occupied, STOC’s campus-­‐like setting provides on-­‐site amenities including a fitness facility with showers and lockers and a full-­‐service deli. The Center is also home to the venerable 13 Coins Restaurant, which is opening a restaurant at Stadium Place in Seattle’s SoDo neighborhood next summer. The Center’s current tenant mix spans a wide range of industries including travel, aviation, government, international trade and air-­‐
freight industries. SeaTac Airport is projected to grow from 35 gates to 81 gates—designed to handle the projected growth in passenger traffic from 37 million annually to more than 66 million—by 2024. The strategy is to make a significant capital investment to accommodate the growth in demand for the high quality, modern office space adjacent to the major West Coast gateway to the Pacific Rim and Western Europe. As part of the purchase, URG and IPP plan to upgrade the building systems to improve efficiencies, as well as exterior improvements to landscaping, lighting and wayfinding. HFF is the investment sales broker representing the seller. About Urban Renaissance Group. Urban Renaissance Group, LLC is a Seattle-­‐based full-­‐service commercial real estate company, engaged in acquisitions, development, asset management, property management and ownership in Seattle, Bellevue, Denver and Portland. The strategic premise of the Urban Renaissance Group is that the form of the American City will change dramatically during the next 20 years. Urban Renaissance Group acts as a catalyst that understands and ignites that change, thereby generating superior returns for its investors, as well as opportunities for its partners and employees. Learn more at www.urbanrengroup.com. About Iron Point Partners. Iron Point Partners, LLC manages several closed-­‐end, real estate private equity funds including Iron Point Real Estate Partners, L.P., Iron Point Real Estate Partners II, L.P. and Iron Point Real Estate Partners III, L.P. Iron Point has raised more than $2.0 billion in total equity commitments to its funds and has made investments across most commercial real estate property types, including specialty real estate asset classes such as data centers, senior living facilities and energy-­‐driven real estate. The firm also invests in numerous distressed and other ”special situation” investment opportunities. Learn more at www.ironpointpartners.com. ###