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| Rendering of planned Urban Union office development, 501 Fairview Avenue North, Seattle, WA |
NEW YORK, NY – Holliday
Fenoglio Fowler, L.P. (HFF) announced today that it has arranged an $88 million
construction loan for Urban Union, a
291,000-square-foot, trophy office development in Seattle, Washington.
HFF worked on behalf of
the borrower, Schnitzer West, LLC, to secure the construction financing with
Blackstone Real Estate Debt Strategies (“BREDS”) and Bank of the Ozarks.
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| Jennifer Keller |
Due for completion in
2016, Urban Union will be a LEED Gold certified, 12-story boutique office
building with 284,357 square feet of office space, 6,725 square feet of ground
level retail space, and a 392-space subterranean parking garage.
The development is
catering its amenities to TAMI tenants (technology, advertising, media and
information sectors) with two key collaborative workspace features: The Union,
which is a two-story, 4,500-square-foot gathering space that features a
conference center, catering kitchen, quiet room and board room; and The
Overlook, an outdoor deck and rooftop conference center with views of Lake
Union, Seattle and the Space Needle, as well as an indoor enclosed area that
can be divided into smaller meeting spaces.
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| Tom Wilson |
Additional building amenities
include a fitness center with showers and lockers, bike storage and repair
center, and concierge service.
Located
at 501 Fairview Avenue North, Urban Union is two blocks south of Lake Union at
the gateway to Seattle’s South Lake Union neighborhood, home to Amazon.com, The
Gates Foundation, the Fred Hutchinson Cancer Research Center and the University
of Washington Biotech campus.
Access to
the property is available via the South Lake Union Streetcar, several Metro bus
routes, numerous bike lanes, and ferry service as well from Interstate 5 and
State Route 99.
Schnitzer West (SW) is in
discussions with multiple companies interested in the property. SW recently held a “topping out” ceremony to
celebrate the placement of the last beam of structural steel atop the highly
anticipated 12-story office tower. Urban
Union is on schedule for a March 2016 delivery.
The HFF debt placement
team was led by senior managing director Michael Tepedino, director Jennifer Keller and managing director Tom Wilson.
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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