Union Square L.L.C. Receives $400M in Loan Refinancing for Seattle Skyscrapers

By Keith Loria, Contributing Editor

Union Square L.L.C. owned by Washington Real Estate Holdings and a major pension fund investor, received $400 million in refinancing for Union Square, two office buildings in Seattle, Wash.

Northwestern Mutual and New York Life each provided 50 percent—or $200 million—in the refinancing.

Union Square consists of One Union, a 36-story building containing 670,000 square feet and Two Union, a 56-story building containing 1.1 million square feet. The two buildings are connected by a fireplace lobby and underground pedestrian concourse to the neighborhood.

It is home to some of the most prominent financial institutions, law offices, real estate professionals, health care and other professional firms.

“Union Square is an iconic office property that is very well-positioned within Seattle’s financial district,” Kelly Havey, Northwestern Mutual Real Estate Investment’s director, said in a company statement. “Seattle is a dynamic city where it makes sense for us to invest on behalf of our policy owners.”

Located in the heart of Seattle at Sixth Avenue between Union and University Streets, The LEED-certified building is a vibrant and lively destination that offers a variety of retail, intimate outdoor spaces, casual and fine dining.

Union Square is located in the heart of downtown, walking distance to some of the best restaurants, hotels, retail and entertainment Seattle has to offer. It is nearby the Convention Center and Freeway Park, Pike Place Market, Seattle Art Museum, the Seattle Aquarium, ferry terminal and Olympic Sculpture Park.

It also has convenient access to I-5, I-90 and 520.

Washington Real Estate Holdings, as the managing member of the ownership, handles both the leasing and management of Union Square.