George Smith Partners Secures $73M Loan for Seattle Office Asset

The financing will be used for the conversion, renovation and stabilization of the Seattle Design Center.
Seattle Design Center

Seattle Design Center

Seattle—George Smith Partners has lined up a $73 million non-recourse bridge loan for the conversion, renovation and stabilization of the Seattle Design Center on behalf of Greenbridge Investment Partners, a full-service commercial real estate firm.

The design center, comprising two buildings situated in the Georgetown submarket of Seattle, historically served as a well-known destination for high-end home furnishings and design services. Since acquiring the property in 2014, Greenbridge Investment Partners rebranded the buildings into a 157,000 square-foot asset called Seattle Design Center and a 280,000 square-foot asset called Georgetown Squared (G2).

“Seattle’s creative office market is flourishing, and shows no signs of slowing in the near future, (…) vacancy rates have reached pre-recession lows, and tech giants such as Amazon and Facebook are expanding in the market.  This activity fuels a deeper demand for creative office, and presents an opportunity for owners who are in a position to deliver creative space to the market,” Steve Bram, principal at George Smith Partners, said in a statement.

Greenbridge’s G2 office building, located at 5601 & 5701 Sixth Ave. in Seattle, will offer a full creative environment with expansive 60,000-square-foot floorplates, exposed ceilings and concrete floors, glass walls for natural light and full-service amenities, including an upscale fitness center and conference center.

The financing was arranged by George Smith Partners Principal Steve Bram.

Image courtesy of George Smith Partners