Pet insurer Trupanion announced that it will sell $60 million in stock to acquire its headquarters building in Georgetown from current landlord Benaroya Co.
The deal is expected to close in August. The company said about 1.8 million shares will be sold, priced at $33 per share.
Proceeds will be used to buy the Benaroya 6100 building at 6100 Fourth Ave. S.
The building has five stories and 227,200 square feet. It was developed in 1975 as a speculative office project by Benaroya, on a little over 2 acres. Benaroya converted it to a warehouse mart and sold it in 1984, then bought it back in 2005 for $26.3 million. After that, the space went back to offices.
Trupanion signed a 10-year lease in 2016, and now occupies about 108,000 square feet. It moved from smaller offices in Ballard. Other tenants include Sur la Table and Aerotec.
Trupanion says it doesn’t plan to rename the building.
The company was founded in 2000 by current CEO Darryl Rawlings, and relocated from Vancouver, B.C. to Seattle in 2007. Howard Schultz’s venture capital firm, Maveron, was an early investor.
The company went public in 2014, and now has about 500 employees. Its current market capitalization is about $1.2 billion.
By: Brian Miller