The new owner of Pacific Place wants to restore the shopping center's former glory while helping revitalize downtown by bringing a new mix of national and local "Seattle-only" businesses.
The mall at 600 Pine St., which covers an entire city block, opened in the late 1990s and helped to revitalize downtown Seattle. But like many other enclosed malls experienced since the pandemic, the center has since fallen on hard times.
Now, BH Properties aims for a turnaround of the property through new marketing and leasing efforts intended to boost foot traffic and help breathe life into downtown as it gradually recovers from pandemic-era business shutdowns.
BH Properties bought the five-story enclosed mall last May in a process that started in 2022. After pausing to focus on acquiring a property along San Francisco's famed Fisherman's Wharf, the Los Angeles-based real estate company resumed its efforts to buy the mall in 2023.
Working in tandem with its leasing agent, Avison Young, the new owner intends to offer an authentic Seattle experience through re-merchandising and leasing at the mall.
The buyer's diligence in pursuing the acquisition, and its efforts to turn the property around, earned the project a 2025 CoStar Impact Award, as judged by real estate professionals familiar with the market.
About the project: The mall’s opening in 1998 was a linchpin in several moves to revitalize the downtown area after the Frederick & Nelson department chain closed its flagship store on Pine Street in 1992 after 74 years. Pacific Place's acquisition comes as athletic apparel brand Lululemon and several other retailers, such as Nike and Columbia Sportswear, have shuttered their downtown stores in recent years. Major tenants at Pacific Place now include AMC Theaters, Din Tai Fung, Haidilao Hot Pot, Pike Place Chowder and Johnny Rockets.
What the judges said: Deborah Ross, senior vice president at Real Retail, described the mall as "an iconic property in a home-run location." Pacific Place is an essential retail hub in Seattle, and the acquisition is "very critical and impactful" to downtown's recovery, added Tyler Barth of Kilroy Realty.
"The property had been marketed for sale at various times, and BH Properties was able to finally acquire the property," Barth added.
They made it happen: BH Properties President Jim Brooks and Senior Director Hughes McLaughlin led the firm's efforts to buy the mall.