{"id":1004805528,"date":"2026-07-16T03:59:04","date_gmt":"2026-07-16T11:59:04","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004805528"},"modified":"2026-07-16T04:43:31","modified_gmt":"2026-07-16T12:43:31","slug":"exclusive-brookfield-provides-refi-for-seattle-office-asset","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/exclusive-brookfield-provides-refi-for-seattle-office-asset\/","title":{"rendered":"Exclusive: Brookfield Provides Refi for Seattle Office Asset"},"content":{"rendered":"<div class=\"wp-block-image\">\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a58da5ee0461&quot;}\" data-wp-interactive=\"core\/image\" class=\"alignright size-full is-resized wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"640\" height=\"480\" data-attachment-id=\"1004805543\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/islandcorporatecenter_credityardimatrix-2\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/07\/IslandCorporateCenter_CreditYardiMatrix-edited.jpg\" data-orig-size=\"640,480\" 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;\\u00a9 Yardi Systems, Inc.&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;0&quot;}\" data-image-title=\"IslandCorporateCenter_CreditYardiMatrix\" data-image-description=\"&lt;p&gt;Image downloaded via Yardi Matrix property page. https:\/\/matrix.pi-ei.com\/PropertyDetailCommercial\/All?MarketID=20&#038;PropertyID=4683&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Located at 7525 SE 24th St. on Mercer Island, the building is just off Interstate 90, with downtown Seattle and Bellevue within less than 6 miles. Image courtesy of Yardi Matrix&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/07\/IslandCorporateCenter_CreditYardiMatrix-edited.jpg?w=640\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on-async--click=\"actions.showLightbox\" data-wp-on-async--load=\"callbacks.setButtonStyles\" data-wp-on-async-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/07\/IslandCorporateCenter_CreditYardiMatrix-edited.jpg\" alt=\"Island Corporate Center, a 105,417-square-foot office building in Seattle.\" class=\"wp-image-1004805543\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/07\/IslandCorporateCenter_CreditYardiMatrix-edited.jpg 640w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/07\/IslandCorporateCenter_CreditYardiMatrix-edited.jpg?resize=300,225 300w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on-async--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><figcaption class=\"wp-element-caption\">Located on Mercer Island, this office building opened in the 1980s and was renovated in the 2010s. <em>Image courtesy of Yardi Matrix<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>Sterling Realty Organization has obtained a $27 million refinancing loan for Island Corporate Center, a 105,417-square-foot office building in metro Seattle, according to Yardi Matrix information. Brookfield Properties originated the loan.<\/p>\n\n\n\n<p>The owner acquired the property almost a decade ago, in 2017, from Walton Street Capital for $41 million, or $389 per square foot. At the time, Prudential Financial issued a $24.6 million acquisition loan.<\/p>\n\n\n\n<p>Located at 7525 SE 24th St. on Mercer Island, the building opened in 1987 on almost 1.5 acres. It is just off Interstate 90 and within walking distance of multiple dining and transit options, including the Mercer Island light rail station. Downtown Seattle is less than 6 miles west, while Bellevue is roughly 5 miles northeast.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO<\/strong>: <a href=\"https:\/\/www.commercialsearch.com\/news\/cre-maturities-move-from-delays-to-decision-time\/\" data-type=\"link\" data-id=\"https:\/\/www.commercialsearch.com\/news\/cre-maturities-move-from-delays-to-decision-time\/\">CRE Maturities Move From Delays to Decision Time<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>The six-story Island Corporate Center underwent renovations between 2013 and 2014 and comprises floorplates averaging 19,000 square feet. The first floor includes 3,600 square feet of retail, while floors 2 through 6 are exclusively office. The property has a conference center, a fitness center, a restaurant, two stories of underground parking and bike storage.<\/p>\n\n\n\n<p>The tenant roster includes ACT Capital Advisors, Caprock and BP Squared. Broderick Group oversees leasing.<\/p>\n\n\n\n<div class=\"wp-block-group cmw-cpe-newsletter\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group cmw-cpe-newsletter-content\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group cmw-cpe-newsletter-content-img\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<figure class=\"wp-block-image size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"1200\" height=\"1200\" data-attachment-id=\"1004794779\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/cpe-sneak-peek-square\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/04\/CPE-Sneak-Peek-square.jpg\" data-orig-size=\"1200,1200\" 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=\"CPE Sneak Peek square\" data-image-description=\"&lt;p&gt;CPE Sneak Peek Newsletter Preview&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;CPE Sneak Peek Newsletter Preview&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/04\/CPE-Sneak-Peek-square.jpg?w=1024\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/04\/CPE-Sneak-Peek-square.jpg\" alt=\"CPE Sneak Peek Newsletter Preview\" class=\"wp-image-1004794779\" style=\"width:88px;height:auto\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/04\/CPE-Sneak-Peek-square.jpg 1200w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/04\/CPE-Sneak-Peek-square.jpg?resize=150,150 150w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/04\/CPE-Sneak-Peek-square.jpg?resize=300,300 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/04\/CPE-Sneak-Peek-square.jpg?resize=768,768 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/04\/CPE-Sneak-Peek-square.jpg?resize=1024,1024 1024w\" sizes=\"auto, (max-width: 1200px) 100vw, 1200px\" \/><\/figure>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-group cmw-cpe-newsletter-content-text\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<h2 class=\"wp-block-heading\" id=\"h-cpe-sneak-peek-newsletter\">CPE Sneak Peek Newsletter<\/h2>\n\n\n\n<p>Be the first to receive exclusive insights, data-backed analysis and expert commentary. Early access, every week.<\/p>\n<\/div><\/div>\n<\/div><\/div>\n\n\n\n<form class=\"cmw-inline-newsletter\" action=\"https:\/\/whatcounts.com\/bin\/listctrl\" method=\"POST\">\n  <input type=\"hidden\" name=\"slid\" value=\"5C84B893BD6D939E33A6A73C89655EA8\" \/>\n  <input type=\"hidden\" name=\"cmd\" value=\"subscribe\" \/>\n  <input type=\"hidden\" name=\"wxuiversionfirst\" value=\"\" \/>\n \n  <input type=\"hidden\" name=\"errors_to\" value=\"\" \/>\n\n  <label class=\"sr-only\" for=\"email\">Email<\/label>\n  <input type=\"email\" id=\"email\" name=\"email\" required maxlength=\"65\"\n         placeholder=\"Your email address\"\n         oninvalid=\"this.setCustomValidity('Please enter a valid email address')\"\n         oninput=\"this.setCustomValidity('')\"\/>\n\n  <button type=\"submit\">Sign up now<\/button>\n<\/form>\n<\/div><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-office-vacancy-improves-big-office-refis-abound-in-seattle\">Office vacancy improves, big office refis abound in Seattle<\/h2>\n\n\n\n<p>Outside Mercer Island, the nearby office market is highly concentrated, with almost 80 million square feet of office space within 5 miles of Island Corporate Center, most of it in Bellevue and central Seattle, according to Yardi Matrix data. <\/p>\n\n\n\n<p>Some of the most notable refinancing deals in the area this year were for&nbsp;the 611,864-square-foot <a href=\"https:\/\/www.commercialsearch.com\/news\/schnitzer-west-jv-secures-525m-office-refi\/\">The Artise<\/a> and the 561,466-square-foot <a href=\"https:\/\/www.commercialsearch.com\/news\/kemper-secures-238m-refi-for-seattle-area-tower\/\">Lincoln Square North<\/a>, both in Bellevue. The Artise got $238 million from Blackstone and New York Life in March, while Lincoln Square North obtained a $525 million loan from Goldman Sachs and Deutsche Bank in April. Both were fully leased upon closing, with The Artise having Amazon as the sole tenant.<\/p>\n\n\n\n<p>Seattle <a href=\"https:\/\/www.commercialsearch.com\/news\/office-industry-trends\/\" data-type=\"link\" data-id=\"https:\/\/www.commercialsearch.com\/news\/office-industry-trends\/\">office space trends<\/a> point to strengthening fundamentals. The <a href=\"https:\/\/www.commercialsearch.com\/news\/seattle-office-market-update\/\">vacancy rate stood at<\/a> 23.3 percent as of May, marking a 250-basis-point year-over-year improvement. The Emerald City recorded one of the swiftest recoveries among larger U.S. markets but still clocked in above the 17.6 percent national figure. Nationally, vacancy dropped 180 basis points over 12 months.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>This refinances a 2017 note issued by Prudential.<\/p>\n","protected":false},"author":3909,"featured_media":1004805543,"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":[33497,33626,42716,37674],"class_list":["post-1004805528","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-latest","category-office","category-seattle","category-west","tag-brookfield-properties","tag-prudential-financial","tag-sterling-realty-organization","tag-walton-street-capital"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Exclusive: Brookfield Provides Refi for Seattle Office Asset - 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