Cushman & Wakefield Arranges $123M Refinancing of Mixed-Use Asset in Seattle

SEATTLE–(BUSINESS WIRE) – Cushman & Wakefield (NYSE: CWK) announced that real estate services company American Life, Inc. has been the exclusive advisor on raising $ 122.7 million to refinance 255 South King Street, a 717,684 square foot ( SF) office and hospitality asset. The loan was provided by PCCP.

A Cushman & Wakefield Equity, Debt & Structured Finance team consisting of Dave Karson, Chris Moyer, Stephen Michels, Zachary Kraft and Lauren Greenberg represented the borrower.

“We had strong loan support from the office building which helped offset weaker market demand for the hotel during the pandemic, but this particular hotel is recovering well and its location down by the stadium is very attractive with access to Bellevue and downtown Seattle “, said Karson.

“We are pleased that we made an early decision to keep the Embassy Suites open during the pandemic, albeit with reduced staff, so that we can take advantage of the unique opportunities during the pandemic and ramp up quickly when demand returns,” said Larry Ice, American Life’s CFO. “We are also excited, as always, to work with Dave Karson and his team of specialist advisors at Cushman & Wakefield who have been very knowledgeable and resourceful in helping us place this funding in a challenging environment.”

255 South King Street is a LEED Silver certified property consisting of a 209,476-SF office tower and a 23-story Hilton Embassy Suites hotel with 282 rooms with approximately 10,000 SF of meeting and event space, pool, fitness center and parking garage, as well 17,292 SF retail. The office tower, which extends over 11 floors above a seven-story retail and parking garage podium, is 100% let. The asset was developed by ALI and completed in February 2018.

Alison Beddard, Washington State Managing Principal of Cushman & Wakefield said, “The Puget Sound Region is a dynamic and innovative market and Cushman & Wakefield remains committed to the long-term success of our customer and our community here. This transaction is another positive sign of Seattle’s successful prospect and continued growth. ”

Located in the Pioneer Square submarket south of downtown Seattle, the property is steps from world-class amenities that provide tenants and visitors with immediate access to a variety of retail and entertainment options, as well as public transportation and major highways.

About Cushman & Wakefield

Cushman & Wakefield (NYSE: CWK) is a leading global real estate services company delivering exceptional value to real estate users and owners. With around 50,000 employees in over 400 offices and 60 countries, Cushman & Wakefield is one of the largest real estate services companies. In 2020, the company had sales of $ 7.8 billion with its core services of real estate, facilities and project management, leasing, capital markets, valuation and other services. To find out more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.