Newmark has arranged a $435 million refinancing on behalf of Nitze-Stagen & Co., Inc. and Daniels Real Estate for Starbucks Center, a landmark office property at 2401 Utah Avenue South in Seattle’s SoDo District.
The financing, provided by Deutsche Bank, was secured by Newmark Co-Presidents of Global Debt & Structured Finance Jonathan Firestone and Jordan Roeschlaub, along with Vice Chairman Blake Thompson. Co-Head of U.S. Capital Markets Kevin Shannon also supported early stages of the assignment. “The closing of this refinancing positions Starbucks Center for continued excellence as one of the city’s premier office assets,” said Firestone.
Starbucks Center, originally occupied by Starbucks in 1993, has undergone more than sixty expansions over the past three decades. The building spans 1,488,081 square feet of office space, and Starbucks recently signed a new 20-year lease extension through 2038. To date, Starbucks has invested over $300 million of its own capital in the building.
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