Exclusive: Brookfield Provides Refi for Seattle Office Asset

July 16, 2026

Finance News Office Seattle More West

This refinances a 2017 note issued by Prudential.

Sterling Realty Organization has obtained a $27 million refinancing loan for Island Corporate Center, a 105,417-square-foot office building in metro Seattle, according to Yardi Matrix information. Brookfield Properties originated the loan.

The owner acquired the property almost a decade ago, in 2017, from Walton Street Capital for $41 million, or $389 per square foot. At the time, Prudential Financial issued a $24.6 million acquisition loan.

Located at 7525 SE 24th St. on Mercer Island, the building opened in 1987 on almost 1.5 acres. It is just off Interstate 90 and within walking distance of multiple dining and transit options, including the Mercer Island light rail station. Downtown Seattle is less than 6 miles west, while Bellevue is roughly 5 miles northeast.

The six-story Island Corporate Center underwent renovations between 2013 and 2014 and comprises floorplates averaging 19,000 square feet. The first floor includes 3,600 square feet of retail, while floors 2 through 6 are exclusively office. The property has a conference center, a fitness center, a restaurant, two stories of underground parking and bike storage.

The tenant roster includes ACT Capital Advisors, Caprock and BP Squared. Broderick Group oversees leasing.

Office vacancy improves, big office refis abound in Seattle

Outside Mercer Island, the nearby office market is highly concentrated, with almost 80 million square feet of office space within 5 miles of Island Corporate Center, most of it in Bellevue and central Seattle, according to Yardi Matrix data.

Some of the most notable refinancing deals in the area this year were for the 611,864-square-foot The Artise and the 561,466-square-foot Lincoln Square North, both in Bellevue. The Artise got $238 million from Blackstone and New York Life in March, while Lincoln Square North obtained a $525 million loan from Goldman Sachs and Deutsche Bank in April. Both were fully leased upon closing, with The Artise having Amazon as the sole tenant.

Seattle office space trends point to strengthening fundamentals. The vacancy rate stood at 23.3 percent as of May, marking a 250-basis-point year-over-year improvement. The Emerald City recorded one of the swiftest recoveries among larger U.S. markets but still clocked in above the 17.6 percent national figure. Nationally, vacancy dropped 180 basis points over 12 months.