{"id":1004767148,"date":"2025-08-04T06:12:57","date_gmt":"2025-08-04T14:12:57","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004767148"},"modified":"2025-08-04T07:36:03","modified_gmt":"2025-08-04T15:36:03","slug":"nitze-stagen-jv-lands-435m-for-seattle-landmark","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/nitze-stagen-jv-lands-435m-for-seattle-landmark\/","title":{"rendered":"Nitze-Stagen JV Lands $435M for Seattle Landmark"},"content":{"rendered":"\n

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\"Exterior<\/a>
Originally completed in 1912 and redeveloped in 1992, this is the largest LEED Gold-certified building in existence. Image courtesy of Yardi Research Data<\/em><\/figcaption><\/figure><\/div>\n\n\n

A partnership between Nitze-Stagen & Co. Inc. and Daniels Real Estate has obtained a $435 million refinancing loan for Starbucks Center, a 2.1 million-square-foot mixed-use property in Seattle that houses Starbucks\u2019 world headquarters. Deutsche Bank provided the financing in a deal arranged by Newmark.<\/p>\n\n\n\n

The refinancing will retire a prior $425 million CMBS note issued by the same bank in 2020, according to Yardi Research Data. That loan was due to mature in 2029.<\/p>\n\n\n\n

Currently, there are a total of 14,000 properties encumbered by loans that will mature soon or by the end of 2027, according to the latest Yardi Matrix office report<\/a>. These notes make up 33 percent of all office debt in the country, which amounts to $290 billion.<\/p>\n\n\n\n

A historic building in Seattle<\/h2>\n\n\n\n

Originally completed in 1912 as an industrial property, the building was redeveloped for a mix of uses in 1992. It currently comprises nearly 1.5 million square feet of office space, alongside 600,000 square feet of space for retail, warehousing, light-manufacturing and distribution functions. Starbucks Center is the oldest and largest building in existence to achieve a LEED Gold certification.<\/p>\n\n\n\n

Starbucks moved at the property in 1993. The company has recently signed a 20-year lease extension, securing its headquarters through 2038. Over the last three decades, the 10-story Starbucks Center has undergone more than sixty expansions and renovations, in which the tenant has invested over $300 million of its own capital.<\/p>\n\n\n\n

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READ ALSO:<\/strong> Why Green Labels Matter to Office Tenants<\/a><\/p>\n\n\n\n

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Located at 2401 S. Utah Ave. in Seattle\u2019s SoDo district, Starbucks Center is just off Washington State Route 99. Major thoroughfares in the area include interstates 5 and 90. Downtown Seattle is within 3 miles north. The office building is also near the T-Mobile Park and Lumen Field stadiums.<\/p>\n\n\n\n

Newmark Co-Presidents of Global Debt Structured Finance Jonathan Firestone and Jordan Roeschlaub, alongside Vice Chairman Blake Thompson and Co-Head of U.S. Capital Markets Kevin Shannon, arranged the financing.<\/p>\n\n\n\n

Office vacancy on the rise in Seattle<\/h2>\n\n\n\n

June saw the vacancy rate in Seattle rise to 26.7 percent, reflecting a 340-basis-point increase over the year, the Yardi Matrix report also shows. Meanwhile, the national rate stood at 19.4 percent, virtually unchanged from the previous month.<\/p>\n\n\n\n

The metro’s office listing rates clocked in at an average of $35.63 per square foot. The amount was down 2.8 percent year-over-year, yet remained higher than the national $32.87 per square foot. <\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

This is the largest LEED Gold-certified building in existence.<\/p>\n","protected":false},"author":3619,"featured_media":1004767155,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21825,21752,21742,21747,1610,15],"tags":[48257,32791,50999],"class_list":["post-1004767148","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-mixed-use","category-latest","category-office","category-seattle","category-west","tag-daniels-real-estate","tag-deutsche-bank","tag-newmark"],"acf":[],"yoast_head":"\nNitze-Stagen JV Lands $435M for Seattle Landmark - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Nitze-Stagen & Co. and Daniels Real Estate secured a $435 million loan for Starbucks Center, a 2.1 million-square-foot building in Seattle.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/nitze-stagen-jv-lands-435m-for-seattle-landmark\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nitze-Stagen JV Lands $435M for Seattle Landmark\" \/>\n<meta property=\"og:description\" content=\"Nitze-Stagen & Co. and Daniels Real Estate secured a $435 million loan for Starbucks Center, a 2.1 million-square-foot building in Seattle.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/nitze-stagen-jv-lands-435m-for-seattle-landmark\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2025-08-04T14:12:57+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-08-04T15:36:03+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/08\/Starbucks-HQ-in-Seattle-edited.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"640\" \/>\n\t<meta property=\"og:image:height\" content=\"480\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Maria Maruta\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/nitze-stagen-jv-lands-435m-for-seattle-landmark\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/nitze-stagen-jv-lands-435m-for-seattle-landmark\/\",\"name\":\"Nitze-Stagen JV Lands $435M for Seattle Landmark - 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