Seattle Mixed-Use Property Lands $107M Refi
A hotel and an office tower make up the asset.
Steinhauer Properties has refinanced 255 South King St., a 717,692-square-foot mixed-use property that includes the Slalom Hawk Tower, with a $107 million loan. Stoneway Capital originated the loan on behalf of Ardent Capital Management.
Steinhauer Properties, then known as American Life Inc., completed the LEED Silver-certified property, which includes a 209,484-square-foot, 18-story office tower and a 282-key Hilton Embassy Suites hotel, in 2018. The 23-story hotel opened in March 2018.
The two towers are connected by an atrium and sky bridge. The property includes 17,292 square feet of retail space, 10,000 square feet of meeting and event space, a pool, a fitness center, a conference center and a 494-space parking garage.
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Tenants at the Seattle office tower include WeWork, Tyler Technologies, 13 Coins Seattle restaurant and Slalom, a global technology consulting firm. Slalom signed a lease for 76,284 square feet for its global headquarters in October 2023 and moved approximately 1,700 employees into the space in 2024.
In December, anchor tenant Slalom renewed and extended its lease through 2034, marking one of the Seattle office market’s most significant office lease commitments in recent years.
Cushman & Wakefield’s equity, debt and structured finance team led by Vice Chairman Dave Karson, Executive Managing Director Chris Moyer and Senior Associate Chris Meloni represented Steinhauer Properties in the transaction.
Karson and Moyer were part of a Cushman & Wakefield team that represented the property owner in June 2021 when 255 South King St. was refinanced with a $122.7 million loan provided by PCCP.
Rooms and offices with views
The property is located in Seattle’s Pioneer Square submarket adjacent to Lumen Field, home of the NFL’s Seattle Seahawks, and T-Mobile Park, where the MLB’s Seattle Mariners play, and has views of Puget Sound and downtown Seattle.
The site is within walking distance of shops, dining, entertainment venues and tourist attractions including Pike Place Market, Pier 55 and the Seattle Art Museum. The transit-oriented development is situated next to the King Street Station and is also near the Seattle Ferry Terminal. Interstate 5 is a five-minute drive from the site.
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