Friday, October 31, 2014

HFF places $56.4 million construction loan for office development in Seattle’s North Lake Union submarket

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. 

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 |

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