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Seattle-based Urban Renaissance Group, which recently purchased The Oregonian‘s former headquarters at 1320 S.W. Broadway for $14.5 million, has purchased Touchstone Corp. for an undisclosed price, according to a news release.

URG plans to run Touchstone as a wholly-owned subsidiary, so it will retain its name and all current employees. The purchase will allow Touchstone owners Douglas Howe, Jim O’Hanlon and Shawn Parry to step away from day-to-day operations; however, they will remain invested as general partners with URG and see all current Touchstone projects through to completion.

鈥淔or more than 30 years, we’ve focused on creating great urban projects 鈥� and it was important for us to find a partner who would give Touchstone the freedom to continue to do just that,鈥� Howe said. 鈥淚’ve known Pat (Callahan, URG founder and CEO) for many years, and URG is the right partner to ensure the Touchstone legacy continues.鈥�

Callahan will serve as CEO of both URG and Touchstone.

Following the deal, URG is invested in six current Touchstone projects, including two Seattle-area hotel projects and four Seattle-area office projects under construction.

URG manages a portfolio of about 6 million square feet of office and retail space.