JLL arranges $110M refinancing of Seattle office park
Recently renovated office campus with an abundance of amenities
HOUSTON, November 18, 2019 – JLL announced today that it has arranged a $110 million refinancing of Bellefield Office Park, a 15-building office campus totaling 513,385 square feet in the Seattle suburb of Bellevue, Washington.
JLL worked on behalf of the borrowers, Lionstone Investments and Talon Private Capital, to secure the loan through Bank of America.
Bellefield Office Park comprises 15 buildings located on 56 acres at 1150 – 1180 114th Avenue SE in the Seattle Eastside market. The office park is just minutes from downtown Bellevue, which is home to numerous restaurants, cafes and retailers, and close to Interstates 405 and 90, two of the main arteries in Seattle, providing convenient commuting from the Seattle metro area. The properties were renovated between 2013 and 2017 and offer tenant amenities, including a new fitness center, conference facilities, dry cleaning pick-up service, electric car charging stations as well as monthly on-site mechanic service. Bellefield Office Park is 96% leased overall to a diverse tenant roster of investment grade credit and nationally recognized tenants in the tech, real estate, law, health services and financial services industries.
The JLL Capital Markets team representing the borrower was led by Senior Managing Directors Colby Mueck and Tom Wilson and Associate Laura Sellingsloh.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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Deal secured by Holliday Fenoglio Fowler, LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of more than 93,000 as of September 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Lionstone Investments
Lionstone Investments is a data-analytics driven real estate investment firm that conceptualizes, analyzes, and executes national investment strategies using proprietary algorithms and advanced analytics to understand the changing ways people in America want to live and work—Places for Productive People.® Lionstone Investments is a registered investment adviser subsidiary of Columbia Management Investment Advisers, LLC. For more information, please visit lionstoneinvestments.com.
About Talon Private Capital
Talon Private Capital, LLC is a privately-held real estate investment firm with deep experience in acquisition, disposition and investment management. Operating in a broad range of property types, Talon seeks to provide superior risk adjusted returns through carefully developed strategies. Talon Principals have engaged in real estate investment activities for over 25 years with a cumulative transaction volume exceeding $8.2 billion. Talon is currently located in downtown Bellevue, Washington.