SEATTLE, WA--(Marketwired - Jul 30, 2014) - Cushman & Wakefield |Commerce (www.comre.com), today announced it has been selected to broker the sale of the PEMCO Block, which has served as the company's headquarters for over 30 years. PEMCO, which has been both an iconic and active fixture in the South Lake Union area for decades, will sell the property and lease it back until the company completes its relocation to a new local headquarter location. The company continues its commitment to the Seattle and greater South Lake Union areas as it finalizes its search for a location that better meets its current and future needs.
"The disposition of the PEMCO headquarters block represents one of the most significant remaining opportunities in the South Lake Union market," said Cushman & Wakefield | Commerce Executive Director and long-time PEMCO real estate advisor, Matt Christian. "The property encompasses an entire city block and has been a point of pride for PEMCO as they have continued to watch the area evolve. It has many features that set it apart as a prominent space and will presumably be attractive to developers who embrace the long term vision of the area. Moving forward, we will work with PEMCO to finalize new space plans for the company's headquarters that both help it meet its corporate goals and maintain its longstanding commitment to Seattle and the South Lake Union area."
The property, which has served as the company's location since 1949 and as its current headquarters for more than 30 years, is prominently situated on Eastlake Avenue and encompasses approximately 90,000 square feet of land. It consists of two adjoining office buildings totaling approximately 168,260 sf of net rentable area, a stand-alone parking structure that provides more than 300 parking stalls and approximately 30,000 sf of underutilized developable land. The block is in a prime location, bound by Eastlake Avenue East to the east, Yale Avenue to the West, Thomas Street to the South and Harrison Street to the North.
"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," said Stan McNaughton, CEO of PEMCO Insurance. "Just as our customers' expectations and needs have changed over the years, our company's needs also have changed. We look forward to a new headquarters that will provide even greater flexibility in attracting and keeping experienced employees to serve our customers throughout the Northwest."
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About Cushman & Wakefield | Commerce
Cushman & Wakefield | Commerce, an independently owned and operated member of the Cushman & Wakefield Alliance, has been the leading provider of real estate brokerage services for more than 30 years. Headquartered in Salt Lake City, the firm has offices throughout Utah, Nevada, Idaho and Washington. It offers consulting, brokerage, tenant and landlord representation, property and facilities management, and valuation services to corporations, institutions and investors throughout the Intermountain West and Pacific Northwest. For more information, and for property listings, broker information, market category reports and more visit www.comre.com.
About Cushman & Wakefield
Cushman & Wakefield is the world's largest privately‐held commercial real estate services firm. The company advises and represents clients on all aspects of property occupancy and investment, and has established a preeminent position in the world's major markets, as evidenced by its frequent involvement in many of the most significant property leases, sales and assignments. Founded in 1917, it has 250 offices in 57 countries, employing more than 16,000 professionals. It offers a complete range of services for all property types, including leasing, sales and acquisitions, equity, debt and structured finance, corporate finance and investment banking, corporate services, property management, facilities management, project management, consulting and appraisal. A recognized leader in local and global real estate research, the firm publishes its market information and studies online at www.cushmanwakefield.com/knowledge.
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