HFF Secures $154.7M in Joint Venture Equity and Construction Financing for Class A Office Development in Redmond, Washington
06 Giugno 2019 - 10:56PM
Business Wire
Holliday Fenoglio Fowler, L.P. (HFF) announces that it has
secured joint venture equity and construction financing totaling
$154.7 million for the development of One Esterra Park, a
transit-oriented, Class A office development located adjacent to
Microsoft’s world headquarters in Redmond, Washington.
Working on behalf of Capstone Partners, LLC, HFF sourced equity
capital from an institutional investor and then on behalf of the
joint venture secured the construction loan with US Bank.
The project is the next phase of the three million-square-foot
Esterra Park live-work-play master planned community in suburban
Seattle. With an estimated completion in fourth quarter 2020, One
Esterra Park will offer 245,000 square feet of Class A office space
in a six-story building designed with technology tenants in mind.
The property is being built to LEED Silver standards and will
feature average floor plates of 40,000 square feet, robust amounts
of power and mechanical infrastructure and collaborative common
areas that will foster innovation and productivity. One Esterra
Park is positioned on a 2.2-acre site at 15550 NE Turing Street
immediately adjacent to the world headquarters of Microsoft and
near many of the area’s large and expanding economic drivers such
as Facebook, Amazon and Google. Additionally, the project is
adjacent to the future Overlake Village Transit Station and the
future State Route 520 off-ramp providing connectivity to major
area thoroughfares, including Interstates 405 and 90.
The HFF debt and equity placement team included Ben Bullock,
Charles Halladay, Bruce Ganong, Zach Goodwin, Michael Leggett and
Tom Wilson.
“It was exciting to be part of the final phase of such a
transformative multi-phased mixed-use development,” Bullock
said.
About Capstone Partners
Formed in 2002, Capstone Partners plans, finances, implements
and manages commercial real estate investments for investors and
organizations in the Pacific Northwest and is one of the most
active developers in the region with offices in both Seattle and
Portland. Capstone has completed more than $1.5 billion of office,
multifamily, industrial and retail developments representing over
six million square feet and 2,500 multifamily units to date, with
over $400 million of office, apartment and industrial projects in
Seattle and Portland markets underway.
About HFF
HFF and its affiliates operate out of 26 offices and are a
leading provider of commercial real estate and capital markets
services to the global commercial real estate industry. HFF,
together with its affiliates, offers clients a fully integrated
capital markets platform, including debt placement, investment
advisory, equity placement, funds marketing, M&A and corporate
advisory, loan sales and loan servicing. HFF, HFF Real Estate
Limited, HFF Securities L.P. and HFF Securities Limited are owned
by HFF, Inc. (NYSE: HF). For more information, please visit
hfflp.com or follow HFF on Twitter @HFF.
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version on businesswire.com: https://www.businesswire.com/news/home/20190606005848/en/
TOM WILSONHFF Senior Managing Director(503)
224-3311twilson@hfflp.com
BRUCE GANONGHFF Senior Managing Director(415)
276-6940bganong@hfflp.com
KRISTEN MURPHYHFF Director, Public Relations(617)
848-1572krmurphy@hfflp.com
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