$38.87 million acquisition financing secured by HFF for SeaTac Office Center in Seattle
PORTLAND, OR – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged $38.87 million in acquisition financing for SeaTac Office Center, a 538,979-square-foot office complex immediately adjacent to SeaTac International Airport in the Seattle, Washington area.
Working on behalf of a joint venture between Urban Renaissance Group and Iron Point Partners, HFF placed the floating-rate bridge loan with Bank of America. Additionally, HFF was involved in the $47.1 million sale of the property, representing the seller, ScanlanKemperBard Companies.
SeaTac Office Center is a three-building, high-rise office campus that is 63 percent leased to multiple tenants including national credit tenants and governmental agencies. The property features a fitness facility with showers and lockers, and a full-service deli and restaurant as well as views of Mount Rainier and the Olympic Mountains. The buildings are located at 17900, 17930 and 18000 Pacific Highway South, 15 miles south of Seattle in SeaTac. The transit-oriented location provides tenants access to the adjacent Link Light Rail, Metro Bus Rapid Transit and nearby vehicular arteries including Interstate 5 and Highway 99.
HFF’s debt placement team representing the borrower was led by senior managing director Bruce Ganong and associate director Erica Christensen.
About Urban Renaissance Group
Seattle-based Urban Renaissance Group is one of the leading, full-service commercial real estate firms in its target markets of Seattle, Portland, and Denver. As a local operating and investment partner, URG’s range of capabilities are designed to provide its partners with experience in the disciplines most critical to operating and adding value to office properties.
About Iron Point Partners
Iron Point Partners, LLC manages a series of real estate private equity funds formed to invest in the opportunistic real estate transactions throughout the United States and North America. The firm has raised more than $2 billion of capital through the Iron Point funds.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.