Green Seattle Office Project Lands $109M

35 Stone. Rendering courtesy of JLL

Developer evolution Projects has secured $109 million in construction financing for the first phase of 35 Stone, a preleased office development in Seattle.

Plans call for a five-story building offering 112,700 square feet of office space and 7,500 square feet retail space. The project is scheduled for completion by the third quarter of 2024.

JLL Capital Markets‘ Director Kaden Eichmeier and Senior Managing Director Bruce Ganong represented the borrower in obtaining the loans. The construction financing encompassed a mezzanine loan provided by Canyon Partners Real Estate and a senior construction loan issued by The Union Labor Life Insurance Co.

Designed to feature mass-timber construction with exposed wood beams and dowel laminated timber ceilings, 35 Stone will meet Living Building Pilot Program’s green building standards, aiming to be one of the most energy efficient and sustainable office buildings in Seattle. The property is anticipated to reduce energy usage by at least 25 percent compared to other office buildings in the metro.

Surrounded by an array of retail, dining, outdoor and entertainment offerings, the development will feature a variety of on-site complementary amenities, including a roof deck, a central lobby with shopping amenities, as well as locker and shower suites, bike parking and 135 parking spots.

A Millennial-compliant office space

Set to rise at 3524 Stone Way N., in the city’s Fremont submarket, 35 Stone will be part of Campus Seattle, evolution Project’s mixed-use development. In a prepared statement, Eichmeier said that Fremont is a top destination for Seattle’s Millennial population.

Dubbed Center of Universe, the master-planned community will feature more than 230,000 square feet of office, retail and recreation space at full build-out. Located at Stone Way, between 36th and 35th, Campus Seattle is about 5 miles from Seattle’s CBD, within a block of King County Metro bus station and two blocks from the Burke-Gilman Trail.

Anchored by The Fremont Collective and Bouldering Project, the campus aims to merge the outdoor lifestyle with the office environment.

Represented by Savills’s Executive Managing Directors Brian Kelly and Eric Lonergan, Brooks Running signed a prelease agreement to join 35 Stone’s tenant roster. Joule, The Whale Wins and All Together Skatepark are among the property’s tenants.

As of October, 135.5 million square feet of office space was under construction at a national level, according to a recent Yardi Matrix report. According to the same source, the Seattle area had 6.17 million square feet of office space underway as of the same month.