George Smith Partners Secures $73M Loan for Seattle Office Asset
- Jan 10, 2017
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