PCCP Partners With Principal Real Estate Investors to Acquire Class A Office Building in Seattle

SAN FRANCISCO, CA – May 31, 2011 – (RealEstateRama) — PCCP, LLC has announced that it has partnered with Principal Real Estate Investors, the fourth largest institutional real estate manager in the United States, to acquire a 253,769 square foot class A office building located at 705 5th Avenue South in Seattle. The property is located within the Pioneer Square submarket, which is situated just south of the Seattle CBD, and is 98 percent vacant. The joint venture acquired the property from a private owner in an off market transaction.