Hudson Pacific JV Lands $285M for Seattle Tower

August 19, 2025

Office Featured Finance News More Seattle West

Amazon fully occupies the 36-story building.

Exterior shot of 1918 Eighth Ave., an office building in Seattle. — Completed in 2009, the 36-story building is 1 mile from downtown Seattle. *Image courtesy of Yardi Research Data*

A joint venture between Hudson Pacific Properties and the Canada Pension Plan Investment Board has obtained a $285 million CMBS loan for 1918 Eighth Ave., a 667,724-square-foot Seattle office tower. Wells Fargo Bank originated the five-year note.

The owner also contributed $40 million in equity and will use the funds to refinance existing debt and cover closing costs.

Previous financing includes a $314.3 million permanent loan originated by Wells Fargo Bank in December 2020, according to Yardi Research Data. That note was used in the asset’s $625.9 million acquisition from institutional investors advised by JP Morgan Asset Management.

Completed in 2009, the 36-story tower has 6,938 square feet of first-floor retail space, floorplates averaging 19,900 square feet and 13 passenger elevators. Amenities include a fitness center, a 120-person conference facility and media centers.

Amazon fully occupies the LEED Platinum-certified building. The firm has been the property’s tenant since 2010 and gradually expanded its presence, the current lease expiring in 2030. Over the last two years, the ecommerce giant implemented an $81 million renovation plan, which included upgrading the lobby, amenity floors, café and showers.

The transit-oriented high-rise is close to Interstate 5 and 1 mile from downtown Seattle. King County International Airport is less than 7 miles away.

Seattle office prices remain below national average

Seattle’s office investment volume year-to-date as of June clocked in at $275 million, according to the latest Yardi Matrix office report. Assets in the metro traded for $124 per square foot on average, considerably below the $189 national threshold.

In June, Shorenstein Investment Advisors closed two transactions at The Spring District, a mixed-use property in Bellevue, Wash. The firm transferred the controlling interest in two office buildings totaling 670,000 square feet to Blackstone and sold a 200,000-square-foot asset to Drawbridge Realty.