Madison Marquette, a private real estate investment and operating company, announced the purchase of the parking garage underneath Pacific Place in downtown Seattle. The acquisition of this 6 level, 1,200 stall subterranean parking garage was completed concurrently with the closing of a $207 million loan with Wells Fargo Bank. Madison Marquette will use part of the proceeds from the loan transaction to finance the $87 million garage acquisition and the remaining proceeds will be applied to refinance the existing loan on the retail center as well as financing future redevelopment plans for the shopping center.
"As new owners of the garage we will introduce new technology and operational improvements to enhance the consumer experience," said Daniel Meyers, Sr. Vice President, Project Management for Madison Marquette. "Our top priority at Pacific Place is to make sure our customers and guests have the best possible shopping experience, and the integration of the parking garage will enable the delivery of this unique experience".
Madison Marquette purchased Pacific Place in July of 2014. This iconic 330,000 square foot downtown retail project, anchored by Barneys New York and Tiffany & Co., is connected by a sky-bridge to Nordstrom's downtown Seattle flagship. Its redevelopment, planned to commence in 2017, will feature best in class local and national retailers, and include a complete remodel of the interior and exterior of the project, including new entries that will open the center to the busy streets of Seattle, one of the fastest growing cities in the nation.
About Pacific Place: Occupying an entire city block at the bustling intersection of Sixth Avenue and Pine Street, downtown Seattle's most heavily trafficked intersection, Pacific Place offers more than 50 shops and restaurants including Barneys New York, Tiffany & Co., Kate Spade New York, Club Monaco, lululemon athletica, AMC Pacific Place 11 and Din Tai Fung, opening later this year. For more information, call (206) 405-2655, visit the web site at www.pacificplaceseattle.com, find Pacific Place Seattle on Facebook, Twitter and Instagram.
About Madison Marquette: Madison Marquette is a private real estate investment and operating company. Founded in 1992, the firm's primary focus is infill retail and urban mixed-use real estate in the major gateway markets in the United States. Madison Marquette specializes in enhancing the value of its projects through its integrated investment and services platform offering sourcing, acquisitions, asset management, leasing, property management, marketing, and development. Madison Marquette covers its key markets with senior investment and operating professionals in major cities around the country, including San Francisco, Los Angeles, Seattle, New York, Philadelphia, Dallas, Fort Lauderdale and Washington DC. Notable Madison Marquette projects include: Bay Street Emeryville (San Francisco Bay Area), Manhattan Village (Manhattan Beach), Pacific Place (Seattle), LaBrea (Los Angeles), Mercato (Naples), Southwest Waterfront (Washington DC) and The Edge (Williamsburg). For more information on Madison Marquette, please visit www.madisonmarquette.com.