Sunday, February 21, 2016

$225 million construction loan arranged by HFF for trophy office project in Seattle’s central business district

Madison Centre, 505 Madison Street, Central Business District, Seattle, WA

NEW YORK, NY –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged a $225 million construction loan for Madison Centre, a 37-story, 753,869-square-foot, trophy office project with ground floor retail space in Seattle’s central business district (CBD).

Jennifer Keller

HFF worked on behalf of Schnitzer West, LLC, a leading West Coast real estate investment and development company, and Cornerstone Real Estate Advisers, one of the largest global real estate investment managers, acting on behalf of an institutional client, to secure the loan through Blackstone Real Estate Debt Strategies.  This is the third construction financing HFF has secured on behalf of Schnitzer for Seattle-area development projects in the last year. 

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 property is adjacent to the Seattle Public Library and the Madison Renaissance Hotel and is within one mile of more than 1,000 retail stores, 13,916 hotel rooms and 250 restaurants.

Pam Hirsch

 Given the property’s proximity to numerous amenities as well as transit options including Interstate 5, the Ferry Terminal and more than 40 inbound, outbound and crosstown bus routes and light rail lines, the property has achieved a walk score of 98, one of the highest scores provided by 

Upon completion in 2017, the Class A office development will feature 746,041 square feet of office space, 7,828 square feet of retail space and seven levels of subterranean parking in a modern glass tower emphasizing exceptional amenities and collaborative space.

Geoff Goldstein
Madison Centre was designed to achieve LEED Gold certification and will maximize efficiency and visibility.  This starts with 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.

 Madison Centre will also feature a state-of-the-art conference and training center with an adjoining catering kitchen for groups of 12 to 120 people; 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; 

Also, the 5th Avenue Study; The Living Wall, a three story “living” wall and work of art designed to improve air quality, reduce noise and ease stress; a fireside lounge; personal concierge service; and a 5,200-square-foot fitness center with showers and locker rooms. 

“Madison Centre is a leading-edge office work and collaboration environment designed to enhance productivity and redefine tenant and employee expectations in the Seattle CBD,” said Pam Hirsch, managing partner, investment and development, at Schnitzer West.
The HFF debt placement team was led by Michael Tepedino, Geoff Goldstein, Tom Wilson and Jennifer Keller.

  For a complete copy of the company’s news release, please contact:

Kristen M. Murphy
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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