PacSci Real Estate Transaction

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Pacific Science Center (PacSci) has reached agreement to sell the northeast corner of its property to the Space Needle LLC.  This transaction will generate funds to support PacSci’s ongoing operations and facility improvements, while ensuring continued community access and evolving our campus to meet the needs of future generations. Furthermore, it establishes a new strategic partnership between PacSci and the Space Needle that will bring new energy and experiences to Seattle Center.

Statements from leaders at PacSci, Space Needle, & Seattle Center

Jembaa Mai, Board Chair, Pacific Science Center

“My thanks to the entire PacSci Board of Directors for engaging in the thorough exploration and assessment that led us to this decision. I appreciate Will, the management team, and our outside advisors for helping us understand and evaluate our opportunities, challenges, and long-term strategic options. All of us at PacSci very much look forward to our new partnership with the Space Needle.”

Will Daugherty, President & CEO, Pacific Science Center

“I am excited about the opportunities that this transaction and our new partnership with the Space Needle create for PacSci and the people we serve.  I am grateful to the many members of this community who care deeply about PacSci and our work and who have provided generous support over many years.  I am especially grateful to our Board of Directors past and present for taking actions to ensure that we can maintain and grow our impact while becoming more economically sustainable.”

Ron Sevart, CEO, Space Needle

“We’re excited to partner with Pacific Science Center as they continue to build out their vision for sustainable awe-inspiring experiences. While continued operation of the Boeing IMAX® Theater is our short-term focus, we can’t wait to explore other partnership opportunities that support the future of Pacific Science Center and the Seattle Center.”

Diamatris Winston, Acting Director, Seattle Center

“This transaction and the new partnership between Pacific Science Center and the Space Needle exemplify the kind of thoughtful, mission-aligned collaboration that strengthens Seattle Center as a civic campus. It demonstrates how public-private partnerships can reinvest in important assets by leveraging limited public resources to unlock greater private investment.

Partnerships like this make a meaningful difference, but they cannot be the sole solution for revitalizing a civic center of Seattle Center’s scale and complexity—broader public reinvestment remains essential. Seattle Center looks forward to continuing to partner with both Pacific Science Center and the Space Needle on future capital funding efforts, the restoration and activation of the courtyards, and the long-term protection and stewardship of the iconic Yamasaki arches.

When anchor institutions work together to activate underused spaces, expand public access, and steward our landmarked history, the entire ecosystem benefits—from resident organizations to the millions who visit each year. Together, these efforts position Seattle Center for the next generation while reinforcing its role as Seattle’s cultural and gathering heart.”

Frequently Asked Questions

What property will PacSci sell?

PacSci will sell the northeast corner of its campus, including Building 1, Carnevali Pavilion, Boeing IMAX Theater, and a portion of the Ackerley Family Exhibit Gallery. The parcel is less than 25% of PacSci’s total campus.

What is the price?

We will provide this information when the transaction closes. We expect it to close within the next few weeks.

What is the new strategic partnership between PacSci and the Space Needle?

PacSci and the Space Needle share a commitment to building a vibrant community by connecting people with immersive and interactive experiences that inspire curiosity, creativity, and wonder. PacSci and the Space Needle will mutually promote the activities, experiences, and programming on each other’s property. PacSci and the Space Needle will offer joint and add-on ticketing options as well as special benefits for participants in each other’s membership programs.

How does this fit with PacSci’s strategy and plans?

The transaction aligns with Pacific Science Center’s broader vision to deepen its integration with Seattle Center while renewing its campus for the next generation of visitors. Plans include developing a new Maker & Innovation Lab, opening PacSci’s historic courtyards to greater public access, and expanding educational programming to serve as a community hub for STEM learning and creative exploration.

The proceeds from the sale will help fund these improvements with a newly right-sized campus operation. Visitors are already seeing changes. For example, PacSci recently reopened after a brief closure to introduce new exhibits (including Big Moves and Spiders: From Fear to Fascination) and to refresh the Live Science Stage. Courtyard gates are now open daily from 9 a.m. to 11 p.m., and work is now underway to remove the gates and fence entirely in time for summer 2026.

What will happen to the Boeing IMAX Theater?

After a brief closure for renovations, the theater will reopen in May as an IMAX experience.

What will the Space Needle do with the rest of the space they are purchasing?

Over time the Space Needle will introduce specialized programming and enhancements throughout the space.  Ron Sevart, CEO of the Space Needle, said, “While continued operation of the Boeing IMAX Theater is our short-term focus, we can’t wait to explore other partnership opportunities that support the future of Pacific Science Center and the Seattle Center.”

What will happen to the historic elements of the PacSci campus designated as landmarks?

Both PacSci and the Space Needle are committed to the preservation of the elements of the building and courtyard designed by Minoru Yamasaki that are designated as historic landmarks by the City of Seattle.

Why did PacSci decide to sell property?

We had more property than we could operate sustainably. Built for the 1962 World’s Fair, the facility is in dire need of capital investment to update essential systems including electrical, plumbing, and HVAC; to restore and enhance the courtyard while making it more accessible; and to provide the cutting-edge exhibits and experiences that Seattle and the Pacific Northwest expect and deserve from a 21st Century science center.

Like many businesses in this region, PacSci must cope with costs that have risen and continue to rise faster than we can grow revenue. Improvements to the facility are essential for us to change this equation: a more modern facility will not only attract more revenue-generating visitors and members but will also cost less to maintain. Such facility improvements require capital that is difficult to raise in the current environment. We concluded that we will not be able to raise enough capital to make the necessary improvements to the entire campus in the necessary timeframe.

By selling a small portion of our real estate, we reduce the amount of property that we must sustain and upgrade while unlocking capital that we can use to make improvements in the property that we continue to own. By selling to a party that shares our commitment to high-quality experiences, we increase the energy and activity not only on our campus, but also for all of Seattle Center consistent with the new partnership we established in early 2025.

Why did PacSci decide to sell this particular parcel?

We identified and considered many options. We did not rule anything out. We met and toured the entire campus with many interested parties. The parcel on the northeast corner yielded the best combination of price, operational impact, and fit with what we were seeking in a buyer.

Why would PacSci sell the Boeing IMAX Theater?

PacSci has operated two IMAX Theaters for several decades, Boeing IMAX Theater and PACCAR IMAX Theater. The Boeing IMAX Theater has many features that make it a very special place to enjoy a movie. PacSci is grateful to Boeing for supporting the initial development in 1997 and to the Carnevali family for supporting the upgrade to state-of-the-art technology in 2015.

The economics of operating a movie theater have become increasingly challenging. It made sense for PacSci to include Boeing IMAX Theater in this transaction. PacSci is pleased that the Space Needle plans to continue operating the theater.

Will PacSci continue to operate the PACCAR IMAX Theater?

Yes.

What will be the impact on PacSci staff?

We are actively working to support colleagues whose roles may be affected by this change, including exploring opportunities across the organization.

Who made the decision for PacSci to sell this property?

PacSci’s Board of Directors made the decision based on a recommendation from the Board’s Ad Hoc Real Estate Committee.

Did PacSci management support this decision?

Yes. The CEO and several members of the Executive Leadership Team were central to this process and advocated for the transaction.

What was PacSci’s process?

In early 2023, the PacSci Board of Directors and management determined that the institution needed ancomprehensive real estate strategy to guide future planning and to inform responses to proposals from external parties. In June 2023, the Board formed an Ad Hoc Real Estate Committee (REC) responsible for overseeing “the development of a comprehensive real estate strategy for Pacific Science Center’s entire campus, including but not limited to evaluation of specific opportunities and proposed real property transactions.”

With support and advice from Pine Street Group and other outside experts, management and the REC worked through the second half of 2023 and all of 2024 to identify and evaluate a complete spectrum of options for owning, leasing, and/or selling elements of PacSci’s property.

The primary criteria for evaluating options were 1) maximizing impact consistent with the institution’s mission and 2) achieving long-term economic sustainability.

During this period, several outside parties expressed interest in various parcels of PacSci’s real estate. Management and the REC provided the Board with regular progress updates at each Board meeting during this period.

In January 2025, having determined that a real estate transaction is desirable and necessary for the institution’s economic sustainability and continued service to the community, the Board directed management “to undertake good faith negotiations with potential buyers to reach agreement on one or more transactions with final scope, price, terms, and conditions subject to Board approval.”

In consultation with expert external advisors, management and the REC evaluated several potential transactions. Management and the REC determined that selling the northeast corner is the most attractive of the potential transactions considering PacSci’s financial requirements and strategic objectives.

We agreed that we would only sell to a party that 1) understands and is embedded in this community; 2) is committed to using the space in ways that complement our mission of curiosity, discovery, experimentation, and critical thinking; 3) has a plan for high-quality immersive and interactive experiences that will bring new energy to the area; and 4) has a track record of caring for historic buildings and spaces.

In July 2025, following a recommendation by the REC, the PacSci Board approved a Purchase & Sale Agreement involving the sale of the northeast corner to the Space Needle.

Who advised PacSci?

Pine Street Group, Pacifica Law Group, and Pacific Public Affairs advised and supported PacSci throughout the process from assessing options to identifying potential buyers, negotiating the transaction, and closing the transaction.

What role did Seattle Center play in this process?

PacSci management informed and consulted members of the Seattle Center leadership team throughout this process, including Marshall Foster, Director of Seattle Center until January 16. That dialogue helped to shape the partnership agreement that PacSci and Seattle Center announced in March 2025.

Were there any other offers for PacSci property?

Yes. The offer from the Space Needle was the most attractive offer. It offered the strongest combination of price, mission alignment, feasibility, and partnership potential.

Who made the other offers?

We won’t provide further details on discussions and negotiations with other interested parties.

How does this fit with PacSci’s landmark designation?

Pacific Science Center was designated a City of Seattle Landmark in 2010, making it one of only three Seattle buildings that meet all six designation criteria (along with the Space Needle and Key Arena). Designed by renowned architect Minoru Yamasaki and built for the 1962 Century 21 Exposition (Seattle World’s Fair), the campus includes iconic arches, courtyard, and original buildings.

Both Pacific Science Center and the Space Needle will continue to comply with landmark preservation requirements overseen by Seattle’s Landmarks Preservation Board. Any modifications to the landmarked features, including the buildings, arches, and courtyard, require approval from the Board to ensure the historic and architectural integrity of Yamasaki’s design is preserved.

PacSci will work collaboratively with the Space Needle and the Landmarks Preservation Board to ensure continuity and proper stewardship of this landmarked space. As we stated when we sought landmark designation, we fully support and embrace this status as we work to preserve the legacy of the 1962 Seattle World’s Fair while recognizing the dynamic programming needs and opportunities for the future.

What will happen to the donor recognition in the space sold to the Space Needle?

We are working closely with the Space Needle to continue recognizing the donors who have supported PacSci through contributions to spaces in the northeast corner.

How does this fit with plans for the north entrance?

Having the Space Needle on the northeast corner fits very well with our plans to remove the gates and kiosks on our north side and establish a new open connection between our courtyard and Seattle Center. The open connection between Seattle Center and PacSci will make it easier for them to do so. This proceeds from this transaction will help fund the work to remove the gates and create the new open entrance.

How does this fit with preservation and enhancement of the courtyard?

Having the Space Needle on the northeast corner fits very well with our plans to preserve, restore, and enhance the courtyard in collaboration with Seattle Center. The experiences that the Space Needle provides will create more reasons for people to visit. The courtyard helps tie PacSci, the Space Needle, and Seattle Center together.

How does this fit with plans for the Maker & Innovation Lab?

The Maker & Innovation Lab will be a community hub where people of all ages engage in hands-on design, making, and building. We expect the project to cost $20 million. We have initial support from King County and the State. Proceeds from this real estate transaction can help accelerate the work.

Will PacSci still need to raise funds through government support and philanthropic contributions?

Yes. This transaction provides critical one-time capital for infrastructure and strategic investments, but philanthropy and government support remain essential to our ongoing operations and programming. This transaction creates a tailwind that strengthens our foundation and positions us to continue pursuing diverse revenue streams, operational
excellence, and strategic partnerships as we serve our community for generations to come.

Will there be more real estate transactions?

This sale right-sizes our campus, allowing us to focus our resources and energy on our core operations and mission. As stewards of this institution, we’ll always evaluate what’s best for Pacific Science Center’s long-term sustainability and ability to serve our community, but our current focus is on maximizing the impact of our newly optimized footprint.