Simon Property Group agrees to buy University Village in Seattle

Simon Property Group announced on October 30 that a subsidiary has signed an agreement to purchase University Village, an open-air shopping center located in Seattle, Washington. The retail property sits north of downtown near the University of Washington and spans nearly 600,000 square feet of space. Financial terms of the transaction were not disclosed by the real estate investment trust.

University Village originally opened for business in the 1950s and started as a property measuring approximately 300,000 square feet. Over the decades, the development has grown into a major commercial destination housing more than 100 businesses and services. Its current tenant roster includes national brands and local businesses, such as Apple, Crate and Barrel, Lululemon, Aritzia, Room and Board, RH Gallery, Vuori, Sezane, and Din Tai Fung.

Susie Plummer, partner and general manager of University Village, said that the center was built around a vision of delivering an exceptional customer experience alongside local and regional small businesses. Eli Simon, chief executive officer, president, and chief operating officer of Simon Property Group, said the acquisition highlights the company focus on owning distinctive, high-quality assets in strong markets. He added that the firm looks forward to building on the center success.

The acquisition brings a prominent regional lifestyle shopping center under the management of a global real estate investment trust. Local shoppers can expect changes in corporate oversight as the new ownership takes charge following the closure of the deal.

The transaction is expected to close in the fourth quarter of 2026, subject to the satisfaction of customary closing conditions.