Pembroke makes Seattle debut with $338m purchase

Pembroke Real Estate has made its debut investment in Seattle with the $338 million acquisition of 400 Fairview Ave. from Skanska USA and TH Real Estate.

The 349,152-square-foot mixed-use property is located in South Lake Union, the second-largest office submarket in Seattle.

The office is fully leased to tenants including Tommy Bahama, Impinj, Delta Dental, Car Toys/Wireless Advocates and Stantec.

Seattle office property sales in the past six months through May 2018 totaled $1.1 billion, rising 42 percent compared with the $756 million sold during the previous six months, according to Savills.

Tenants have leased 7.3 million square feet in the four most recent quarters, on par with the region's long-term average.

Seattle’s overall availability rate rose to 13.7 percent, as new construction boosted space options. Downtown Seattle’s class A availability rate jumped by 80 basis points to 12 percent.

Overall and class A asking rents both sp