{"id":1004382848,"date":"2020-01-16T06:30:33","date_gmt":"2020-01-16T14:30:33","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004382848"},"modified":"2020-01-16T08:00:43","modified_gmt":"2020-01-16T16:00:43","slug":"gemini-rosemont-recaps-480-ksf-seattle-area-office-campus","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/gemini-rosemont-recaps-480-ksf-seattle-area-office-campus\/","title":{"rendered":"Gemini Rosemont Recaps 480 KSF Seattle-Area Office Campus"},"content":{"rendered":"<div id=\"attachment_1004382929\" style=\"width: 310px\" class=\"wp-caption alignright\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004382929\" data-attachment-id=\"1004382929\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/gemini-rosemont-recaps-480-ksf-seattle-area-office-campus\/one-twelfth-at-twelfth-image-courtesy-of-gemini-rosemont-commercial-real-estate\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/01\/One-Twelfth-at-Twelfth.-Image-courtesy-of-Gemini-Rosemont-Commercial-Real-Estate.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"One Twelfth at Twelfth. Image courtesy of Gemini Rosemont Commercial Real Estate\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/01\/One-Twelfth-at-Twelfth.-Image-courtesy-of-Gemini-Rosemont-Commercial-Real-Estate.jpg?w=800\" class=\"wp-image-1004382929 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/01\/One-Twelfth-at-Twelfth.-Image-courtesy-of-Gemini-Rosemont-Commercial-Real-Estate.jpg\" alt=\"\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/01\/One-Twelfth-at-Twelfth.-Image-courtesy-of-Gemini-Rosemont-Commercial-Real-Estate.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/01\/One-Twelfth-at-Twelfth.-Image-courtesy-of-Gemini-Rosemont-Commercial-Real-Estate.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/01\/One-Twelfth-at-Twelfth.-Image-courtesy-of-Gemini-Rosemont-Commercial-Real-Estate.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><p id=\"caption-attachment-1004382929\" class=\"wp-caption-text\">One Twelfth @ Twelfth. <em>Image courtesy of Gemini Rosemont Commercial Real Estate<\/em><\/p><\/div>\n<p>Gemini Rosemont Commercial Real Estate has completed the recapitalization of One Twelfth @ Twelfth in downtown Bellevue, Wash., four years after acquiring the approximately 480,000-square-foot office campus. The office investment company brought in an affiliate of Beacon Capital Partners as a partner at the Class A property, creating a new ownership structure in a transaction valued at $240 million, according to King County records.<\/p>\n<p>Designed by the architectural firm now known as MG2, One Twelfth made its debut in 2001 as a development project of Hines featuring three six-story structures carrying the addresses of 1100, 1110 and 1120 112<sup>th<\/sup> Ave. N.E. Gemini Rosemont had <a href=\"https:\/\/www.commercialsearch.com\/news\/gemini-rosemont-grabs-suburban-seattle-office-park\/\">purchased the Seattle-area asset<\/a> from Principal Global Investors for nearly $203 million in 2016 with a distinct strategy in mind: The institution of a capital improvement and leasing plan and an eventual recapitalization. Having completed much of the upgrades and recasting of the rent roll in 2019\u2014Google inked an 80,000-square-foot lease in 2018\u2014the company determined the timing was right for pursuing a new capital partner.<\/p>\n<hr>\n<p><strong>READ ALSO: <\/strong><a href=\"https:\/\/www.commercialsearch.com\/news\/seattle-office-report-fall-2019\/\">Seattle&#8217;s Changing Office Market Fundamentals<\/a><\/p>\n<hr>\n<p>Beacon now owns an 80 percent interest in the joint venture the partners created as a holding entity for the One Twelfth. In conjunction with the recapitalization, Gemini Rosemont and Beacon refinanced the property to the tune of $204 million. The partners secured the five-year, floating-rate loan\u2014which includes a $19 million facility for future leasing costs and capital expenses\u2014through MetLife Investment Management.<\/p>\n<h2><strong>Partnership Plans<\/strong><\/h2>\n<p>Gemini Rosemont and Beacon&#8217;s new relationship extends beyond ownership of One Twelfth, as the companies plan to jointly pursue other opportunities. The partners have not announced further details on future team endeavors; however, Gemini Rosemont has its eyes firmly set on tech-centric coastal and gateway markets, as the company disclosed when it <a href=\"https:\/\/www.commercialsearch.com\/news\/gemini-rosemont-relocates-hq-to-los-angeles\/\">announced the relocation of its headquarters<\/a> to Los Angeles in April 2019. Gemini Rosemont plans to use proceeds from the One Twelfth recapitalization to invest in Class A assets in the aforementioned markets.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In a $240 million deal, the company brought in Beacon Capital Partners as a new equity partner at One Twelfth @ Twelfth in Bellevue, Wash. <\/p>\n","protected":false},"author":969,"featured_media":1004382929,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21825,21742,21747,1610,15],"tags":[34128,33170],"class_list":["post-1004382848","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-latest","category-office","category-seattle","category-west","tag-beacon-capital-partners","tag-gemini-rosemont"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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