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| Medical Dental Building 509 Olive Way, Downtown Seattle, WA |
PORTLAND, OR – Holliday Fenoglio Fowler, L.P. (HFF) announced
it has secured $69.5 million in financing for the Medical Dental Building, a 294,286-square-foot, historic, medical
office building with ground floor retail in Seattle, Washington.
HFF worked on behalf of
the borrower, Goodman Real Estate, Inc., to secure the 20-year, fixed-rate loan
with AXA Equitable Life Insurance Company through its advisor Quadrant Real
Estate Advisors.
Constructed in two phases
in 1925 and 1950, the Medical Dental Building was renovated in 2008 and
received $25 million in upgrades, including new lobby finishes.
The 18-story building is 97 percent leased to
more than 150 tenants, primarily private medical and dental practices.
A 12,606-square-foot Bartell Drug Co.
pharmacy leases ground floor retail space, and there is a Seattle Executive
Fitness located in the building.
Situated at 509 Olive Way between 5th and 6th Avenues in downtown
Seattle, the property is adjacent to Nordstrom, just five blocks west of
Interstate 5 and one block from Amazon’s new 4.2 million-square-foot campus
expansion.
The HFF debt placement
team representing the borrower was led by managing director Casey Davidson.
“The Medical Dental
Building is such a unique asset due to its location and tenant base,” Davidson
said. “Most of the tenants are
family-owned medical practices that pass down through generations due to loyal
customers who love the building’s location, valet parking and proximity to
transportation, including bus and rail lines. Some tenants have been in the
building more than 40 years.”
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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