SAN FRANCISCO, CA – HFF announced today that it has closed a loan sale secured by Smith Tower (top left photo) an iconic 42-story, 263,807-square-foot office tower, and the Florence Building, a two-story 7,829-square-foot office building located in Seattle, Washington.HFF marketed the A and B mortgage notes on behalf of the seller, Münchener Hypothekenbank, one of Germany’s leading co-operative banks. CBRE Capital Partners purchased the loans.
Smith Tower is located at 506 2nd Avenue in the historic Pioneer Square submarket of downtown Seattle. Originally built in 1914, the property is listed on the National Register of Historic Places and is a City of Seattle landmark.
The property underwent an extensive $28.0 million renovation in 2000 that included numerous upgrades and replacement of the building’s systems. At the time of the note sale, Smith Tower was 20 percent leased to a variety of national and local tenants.
The HFF team representing Munchener Hypothekenbank included senior managing directors Gerry Rohm (middle right photo) and Michael Leggett (lower left photo).
“The significant interest in the sale of these non-performing notes demonstrated investor appetite for debt secured by high-quality real estate in a core West Coast market, which continues to experience growth from the technology sector despite the uncertainly of the U.S. economy,” said Rohm.
Münchener Hypothekenbank is one of Germany’s leading co-operative banks based in Munich, Germany with assets under management exceeding approx. $47.0 billion. The bank was founded as a co-operative bank in 1896. Its two core businesses are private property financing and commercial property financing. Münchener Hypothekenbank is also an active and internationally renowned issuer in the Pfandbriefe market
CBRE Capital Partners is the real estate debt investment platform of CB Richard Ellis Investors, a global real estate investment management firm with approximately $63.6 billion in assets under management. CB Richard Ellis Investors sponsors investment programs across the risk/return spectrum for investors worldwide.
Contacts:
Gerry Rohm, HFF Senior Managing Director, (415) 276-6935, grohm@hfflp.com
Michael Leggett, HFF Senior Managing Director, (415) 276-6300, mleggett@hfflp.com
Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500
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