### Port of Seattle Completes $120 Million Acquisition of SeaTac Office Complex
The Port of Seattle has finalized the $120 million purchase of a three-building office complex in SeaTac. The sellers were Seattle-based Urban Renaissance Group (URG) and investment partner PCCP.
The 548,704-square-foot property, located on a 17.7-acre site at 18000 International Blvd., was acquired following approval from the port commission last fall. The Puget Sound Business Journal reported that the purchase was initially approved for up to $122 million in October, but the final sales price came in $2 million lower than anticipated.
URG originally acquired the buildings in 2015 alongside Iron Point Partners for $47.1 million. In 2019, the property underwent a $30.1 million recapitalization. Currently, the office complex is 75% occupied by tenants, including Alaska Airlines, Lynden Inc., the Transportation Security Administration, the Port of Seattle, and the 13 Coins restaurant.
The Port of Seattle has been a tenant in the office park since 2015 and currently leases 47,000 square feet within one of the buildings.
