L
andmark Event has acquired Pier 70, a three-story commercial pier on Seattle's waterfront, for $11 million. The developer and events firm plans to transform the historic structure into an incubator for artificial intelligence startups. Dru Agarwal's company purchased the 107,400-square-foot office and restaurant building from Triad Development, which bought it in 1995 for a fraction of its current value.

    The purchase price works out to $102 per square foot, significantly lower than the property's assessed value of around $40 million. The pier, built in 1902, needs major renovations, but Agarwal sees potential in its unique location and historic charm. "We basically have this reputation of taking on these old Seattle properties that aren't traditional and figuring out the best use for them and preserving them," he said.

    Landmark plans to keep existing tenants while revamping the pier's infrastructure and interior. The AI2 Incubator, a locally based investment fund for AI startups, will be the anchor tenant. This could bring new life to Seattle's waterfront office market, which has struggled with high vacancy rates. Agarwal believes the area's transformation, including the removal of the Alaskan Way Viaduct and the opening of the Overlook Walk, will make Pier 70 an attractive choice for companies.

    Landmark Event specializes in saving historic buildings from demolition and redevelopment, turning them into event spaces. The company has a portfolio that includes the MV Skansonia ferry-turned-event venue on Lake Union and the Fremont Foundry, a former metal factory.