The FINANCIAL — Cushman & Wakefield has represented Kemper Development Company in the $220-million refinancing of the Eddie Bauer Building in Bellevue, WA. The financing was provided by TIAA-CREF.
Developed by Kemper Development Company in 2007, the 28-story, 538,705 square foot Class A office building is centrally located in the middle of the 4 million square foot Bellevue Collection on the corner of NE 8th and Bellevue Way NE. The building has been 100% leased since opening to Eddie Bauer and Microsoft Corporation, according to Cushman & Wakefield.
A Cushman & Wakefield Equity, Debt & Structured Finance team of Dave Karson, Alex Hernandez and Chris Moyer represented Kemper Development Company in the financing.
“As Kemper Development Company continues to develop the Lincoln Square Expansion next door, securing attractive, long-term financing for this trophy office tower is another step toward positioning the company for its continued success.” said Mr. Karson, a New York-based Executive Managing Director with Cushman & Wakefield.
“The Seattle Bellevue market has become a top destination for both domestic and international lenders and investors as they find themselves priced out of cities like New York and San Francisco,” said Mr. Karson. “Capital is recognizing that some of America’s other top markets have some very compelling investment elements. There is always a market for high-quality property in the best location in a city.”
Developed in stages by the Kemper Development Company, the Bellevue Collection offers a unique collection of integrated retail, office, hotel and residential properties and offers over 250 world-class retail brands, dozens of fine restaurants, over a million square feet of Class A office and over 1,000 hotel rooms.
In September, Cushman & Wakefield had also represented Kemper Development Company in arranging a $526-million construction-to-permanent loan for the 1.5 million-square-foot expansion of Bellevue Square known as Lincoln Square Expansion. Financing had been provided by an affiliate of CPPIB Credit Investments Inc., a wholly owned subsidiary of Canada Pension Plan Investment Board.
In addition, the Cushman & Wakefield Equity, Debt & Structured Finance team had arranged a $110-million loan from Metropolitan Life Insurance for The Westin Bellevue in June 2015.