{"id":1004090477,"date":"2014-01-27T21:41:42","date_gmt":"2014-01-28T05:41:42","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=234317"},"modified":"2022-12-04T20:32:57","modified_gmt":"2022-12-05T04:32:57","slug":"hudson-pacific-agrees-to-57m-fee-for-merrill-place-in-off-market-transaction","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/hudson-pacific-agrees-to-57m-fee-for-merrill-place-in-off-market-transaction\/","title":{"rendered":"Hudson Pacific Agrees to $57M Fee for Merrill Place in Off-Market Transaction"},"content":{"rendered":"

By Alex Girda, Associate Editor<\/em><\/p>\n

Hudson Pacific Properties has agreed to\u00a0purchase a mixed-use asset in Seattle\u2019s Pioneer Square submarket from a joint venture of Angelo Gordon, Nitze-Stagen and Mile Rock Capital. According to a press statement, the off-market transaction is valued at $57.7 million. The deal is slated to close sometime next month.<\/p>\n

The object of the transaction is Merrill Plac\"\"<\/a>e, a 200,000-square-foot asset located next to HPP\u2019s First & King property. Last renovated in 1998, Merrill Place incorporates four brick-and-beam buildings offering ground-floor retail and office space, occupying an entire city block. Merrill Place also includes a separate parking structure that offers 147 parking stalls. The property currently boasts an above-average vacancy rate of 7 percent, with more than half of its current leases set to expire during the following four years. According to the new owner, the leases currently in place at the newly acquired property are 22 percent under Pioneer Square market levels.<\/p>\n

Hudson Pacific is set to add value to the property through a series of improvements, including upgrading the lobby and common areas, updating the elevator, improving the property\u2019s electrical and mechanical features, as well as introducing new tenant amenities to reposition the asset. According to the press statement, current zoning measures will give the owner the opportunity to develop a brand-new office property fronting the Alaskan Way waterfront. Paperwork will be submitted as soon as possible for the entitlement process, with HPP looking to deliver the new construction by 2017. Once upgraded, Merrill Place, as well as the new building that HPP has planned, will cater to the constantly growing tech market, a segment that is driving serious growth in Seattle\u2019s commercial real estate market.<\/p>\n

Image courtesy of www.nitze-stagen.com<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

A purchase agreement for an office and retail asset in Seattle’s Pioneer Square submarket was recently struck between buyer Hudson Pacific Properties and a joint venture between Angelo Gordon, Nitze-Stagen and Mile Rock Capital. According to a recently released press statement, the off-market transaction will have a value of approximately $57.7 million. That same statement pegged the closing date for the deal sometime next month.<\/p>\n","protected":false},"author":237,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742,1610],"tags":[1815],"class_list":["post-1004090477","post","type-post","status-publish","format-standard","hentry","category-latest","category-seattle","tag-national"],"acf":[],"yoast_head":"\nHudson Pacific Agrees to $57M Fee for Merrill Place in Off-Market Transaction - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/hudson-pacific-agrees-to-57m-fee-for-merrill-place-in-off-market-transaction\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Hudson Pacific Agrees to $57M Fee for Merrill Place in Off-Market Transaction\" \/>\n<meta property=\"og:description\" content=\"A purchase agreement for an office and retail asset in Seattle’s Pioneer Square submarket was recently struck between buyer Hudson Pacific Properties and a joint venture between Angelo Gordon, Nitze-Stagen and Mile Rock Capital. 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