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| 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).
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| 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.
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| 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 Walkscore.com.
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.
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| 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
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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