Exclusive: Seattle Office Building Lands $48M Refi
WaFd Bank originated the loan.
Stephen C. Grey & Associates has received a $48 million loan for Fremont Office Building, a 123,332-square-foot office property in Seattle, according to Yardi Matrix information. WaFd Bank provided the note.
Previous financing included a $51.5 million loan originated by Columbia Bank in 2019, the same source shows.
The five-story property came online in 2017 through a partnership between HAL, Hess Callahan Partners and Stephen C. Grey & Associates. The LEED Gold-certified property features 15,221 square feet of retail space, 28,30-square-foot floorplates and approximately 260 underground parking spaces.
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Tableau Software is the sole tenant at the office building. The property is also subject to a 55 year unsubordinated net ground lease held by the Fremont Dock Company, which is due 2070.
Located at 744 N. 34th St., the building is close to the Fremont Bridge, Aurora Bridge and Aurora Boulevard, and is within walking distance of several transit options. Downtown Seattle is some 5 miles away.
Stable office assets attract investors
The refinancing of Fremont Office Building comes as lenders favored high-quality and well-leased office properties this year. In another recent deal in the metro, Steinhauer Properties secured $107 million for 255 South King St., a 717,692-square-foot asset with a retail and a hotel component.
Earlier in April, Schnitzer West and The Baupost Group refinanced The Artise, a 25-story A+ trophy office tower in downtown Bellevue, Wash., with $525 million. Amazon fully leases the building.
Although Seattle’s fundamentals were mixed, the metro recorded some improvement in office vacancy. The rate landed at 24.9 percent as of July, down 210 basis points over a 12-month period, a recent Yardi Matrix office report shows. Emerald City’s figure stayed above the 17.7 percent national average.
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