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| Bruce Ganong |
SAN FRANCISCO, CA – HFF announced it has arranged a $56.4
million construction loan for the development of NorthEdge, a to-be-built, Class
A office property totaling 212,000 square feet in the North Lake Union
submarket of Seattle, Washington.
Working on behalf of the borrower/developer, Touchstone Corporation and
AIG Global Investment Group, HFF placed the three-year construction loan with
Bank of the Ozarks.
Due
for completion in March 2016, NorthEdge will be a four-story office development
with 208,000 square feet of office space, 4,000 square feet of retail and a
two-level, 314-space subterranean parking garage.
The architecture seeks to appeal to tech tenants with
exposed concrete, open ceilings with heights reaching 17’, and full-height
glass windows overlooking Lake Union and the downtown Seattle skyline.
The property is
located at the southeast corner of North 34th Street and Woodlawn Avenue in the
popular Fremont neighborhood of the North Lake Union submarket across Lake
Union from downtown Seattle. This
desirable submarket is home to companies such as Google, Adobe and Tableau
Software.
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| Rendering of Planned NorthEdge Office Property Seattle, WA |
The HFF debt placement team
representing the borrower was led by senior managing director Bruce Ganong and
associate Brandon Roth.
“Once
complete, NorthEdge will be the premier Class A office development in a
severely supply constrained submarket of Seattle,” Ganong said.
“The rapidly expanding tech companies in the
area are facing virtually no available office space, which will spark
significant leasing interest in NorthEdge.”
For a complete
copy of the company’s news release, please contact:
Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell:
617-543-4873 | www.hfflp.com
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