SEATTLE—Madison Marquette has acquiredPacific Place, downtown Seattle's premier urbanretail destination. The acquisition conforms with MadisonMarquette's concentration in targeting infill, retail and mixed-useproperties in major coastal gateway markets throughout the UnitedStates, the company says. The multi-level project is 90%leased, totaling nearly 350,000 square feet and will bemanaged and leased by Madison Marquette's Retail ServicesGroup (MMRS).

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“Madison Marquette's acquisition of Pacific Place extends ourfirm's long-established strategy of focusing on strong infillinvestments in dense, affluent urban markets with considerableupside potential. Pacific Place is currently Seattle's mostsuccessful retail and entertainment destination with over sixmillion annual visitors – fitting the profile of a project ideallysuited to our integrated investment and operating platform,” saidChad Eisenbud, Director of Investments, Madison Marquette PropertyInvestments.

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With more than 50 retail, dining andentertainment offerings and its walkway to Nordstrom's flagshipstore, Pacific Place has a coveted tenant roster in the heart ofdowntown Seattle. With upscale retailers like Barneys NewYork, Tiffany & Co, Kate Spade, andJ.Crew, and a collection of specialty restaurants,the center promotes a wide variety of shopping and entertainmentinterests.

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The acquisition of Pacific Place is part of Madison Marquette'sstrategic effort to assemble a national portfolio of infill retailand mixed-use assets in dynamic gateway markets who benefit fromexceptional levels of economic expansion. With Seattle's strongmarket fundamentals, including population, income and employmentgrowth, Pacific Place offers a uniquely appealing investment andmanagement opportunity.

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Madison Marquette is a private real estate investment andoperating company, founded in 1992.

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David Phillips

David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.