SEATTLE—Starwood Capital Group, a leading global private investment firm, has acquired the top four floors of the historic Macy's Downtown Seattle department store, with plans to convert those floors into class A creative office. Starwood Global Opportunity Fund X (SOF X), through a controlled affiliate, has purchased a condominium interest in floors five through eight of the building. With more than 300,000 square feet, the space—which is currently being used by Macy's for retail and regional offices—represents the largest contiguous block of office space and largest floor plates available for lease in downtown Seattle.

The building, 300 Pine Street, is located at the corner of Pine Street and Third Avenue, and first opened in 1929 as The Bon Marche department store. The property sits atop the Westlake Metro transit station, and is adjacent to the Third Avenue bus lines and South Lake Union Transit, thereby offering office tenants unparalleled access to Seattle's most centralized and utilized public transportation hubs.

Starwood Capital Group's plans include adding a new office lobby, dedicated office elevators and a massive rooftop deck. The Firm also intends to significantly enhance the energy efficiency and perform a seismic upgrade of the building. As a result of the transaction, Macy's will consolidate departments within the remainder of the building and will continue to operate its store while construction work is underway.