Sunday, September 18, 2016

HFF closes $33.65 million sale of and arranges $25.5 million financing for mixed-use commercial condominium in Seattle, WA

Bay Vista, 2815 2nd Avenue, Seattle, WA

Erica Christensen
PORTLAND, OR –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $33.65 million sale of and arranged $25.5 million in financing for Bay Vista, a 119,793-square-foot, mixed-use commercial condominium with 173 underground parking stalls in Seattle, Washington. 

HFF marketed the property on behalf of the seller, The Carlyle Group, and procured the buyer, Madison Marquette Realty Services.  

Additionally, HFF arranged a $25.5 million, floating-rate loan through Natixis Real Estate Capital LLC for the new owner.  

Loan proceeds were used to acquire the property and fund future capital expenditures and re-tenanting costs.

Bay Vista is located at 2815 2nd Avenue just north of the Seattle Central Business District, southwest of South Lake Union and less than half of a mile south of Seattle Center, home to the Space Needle, Pacific Science Center and Key Arena.

Nick Kucha
 With a Walk Score® of 98, the property boasts an amenity-rich location with close proximity to numerous mass transit options including bus routes, streetcar lines, bike lanes and car sharing locations.  

The offering comprises 12 commercial condominium units within the first five floors of the building. 

The 18 floors above Bay Vista, which were not part of the offering, consist of privately-owned residential condominium units.   

Tenants at the 88-percent-leased tower include Welfare & Pension Administration Services, Committee for Children, State of Washington: Board of Industrial Insurance Appeals, Syntegrity, Maul Foster, Team Soapbox and Epic Team Adventures.

The HFF investment sales team representing the seller was led by senior managing directors Nick Kucha and Michael Leggett, who is also co-head of HFF’s West Coast team. 

HFF’s debt placement team was led by managing director Mark Remington and associate director Erica Christensen

“Bay Vista has been repositioned as the dominant, technology-oriented office destination for millennial users and since 2015, new leasing activity at the property has been 100 percent dominated by STEM and creative tenants,” said Kucha.

"Natixis delivered as promised, and Madison Marquette acquired an asset that is well-positioned to significantly increase in value once it applies its magic," added Remington.

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

Kristen Murphy
Director, Marketing
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
tel 617.848.1572 | fax 617.338.2150 |

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