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HFF Arranges $225 Million Loan for Trophy Office Project in Seattle's Central Business District

Tuesday, March 08, 2016

Madison Center Tower Seattle HFF recently arranged a $225 million construction loan for Madison Centre, a trophy office project with ground floor retail space in Seattle’s central business district (CBD).

HFF worked on behalf of Schnitzer West, LLC (Schnitzer) and Cornerstone Real Estate Advisers, acting on behalf of an institutional client, to secure the loan through Blackstone Real Estate Debt Strategies.

The 37-story Madison Centre broke ground in September 2014 at 505 Madison Street at the corner of 5th Avenue and Madison Street in Seattle’s CBD.

The office property is adjacent to the Seattle Public Library and the Madison Renaissance Hotel. With a walk score of 98, one of the highest scores provided by Walkscore.com, Madison Centre is within walking distance to 1,000 retail stores, 13,916 hotel rooms and 250 restaurants.

Seattle Office Property Features

  • Class A office development with 746,041 square feet of office space, 7,828 square feet of retail space and seven levels of subterranean parking
  • Access to transit options, including Interstate 5, the Ferry Terminal, more than 40 bus routes and light rail lines
  • Designed to achieve LEED Gold certification that will maximize efficiency and visibility
  • Schnitzer’s signature “Great Room” concept, a communal collaborative workspace with a variety of meeting rooms and “third-workplace” spaces built into the common areas
  • State-of-the-art conference and training center with adjoining catering kitchen in addition to the Madison Rotunda, a three-story gathering place overlooking the Nakamura Courthouse and the Seattle Public Library; the Madison Boardroom, a board room with an exterior deck; the 5th Avenue Study; and The Living Wall, a three story “living” wall and work of art designed to improve air quality, reduce noise and ease stress 
  • Fireside lounge, personal concierge service and a 5,200-square-foot fitness center with showers and locker rooms

The HFF debt placement team was led by Michael Tepedino, Geoff Goldstein, Tom Wilson and Jennifer Keller.

About Cornerstone Real Estate Advisers LLC

Cornerstone Real Estate Advisers LLC, with subsidiary and affiliate offices in the U.S., UK, Europe, and Asia, is one of the largest global real estate investment managers. It provides core and value-added investment and advisory services, including a comprehensive suite of private and public real estate debt, equity and securities expertise and services, to institutional and other qualified investors around the globe. Cornerstone is a member of the MassMutual Financial Group. 

About Schnitzer West, LLC

Schnitzer West, LLC is one of the West Coast’s fastest growing real estate investment, development and property management companies. The company has built a successful track record in the commercial and multi-family housing markets through product innovation, disciplined management and investment expertise. Schnitzer West has earned recognition for creating innovative workplaces and living spaces, for delivering superior-to-market returns and for its value-creation approach to property management. Building on its success in the Northwest, Schnitzer West owns additional properties in Denver and is exploring new market opportunities across the Western United States.

 





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