BGO JV Secures Refi for Seattle Workplace Tower

BentallGreenOak and City Renaissance Group LLC have secured a refinancing mortgage for Plaza 600, a 209,256-square-foot workplace constructing in downtown Seattle. The possession secured a dedicated capital of over $10 million and can reposition the property.

City Renaissance Group has owned Plaza 600 since 2012, when it acquired the property from The Vance Corp. for $54.8 million, with the assistance of a 10-year $68.9 million mortgage originated by CIBC Financial institution USA. URG recapitalized the tower in partnership with BGO in 2019.

Accomplished in 1969, the workplace constructing at 600 Stewart St. rises 20 tales and options 5,063 sq. ft of retail area. The property underwent renovations a number of instances, with the most recent accomplished in 2023. These final upgrades targeted on the primary foyer space, in addition to the amenity areas, including a motorbike room with showers and a convention heart for the tenants. The constructing’s roster contains Regus, Hoffman Building Co., Washington Council for Behavioral Well being, MBI Seattle and HKM Employment Attorneys LLP.

JLL Managing Director Cleita Harvey, Director Tim Jones and Affiliate Dealer Charlotte Evans are dealing with leasing on the property.

A well-positioned property in downtown Seattle

Plaza 600 is between the Retail Core and the South Lake Union neighborhood. The Amazon Headquarters campus and The Spheres company workplaces are adjoining to the property. The workplace tower is close to metro, bus and lightweight rail stops, in addition to Interstate 5. Plaza 600 additionally holds a stroll rating of 100.

The workplace sector continues to be struggling, with the nationwide emptiness fee hitting 19.4 % on the finish of October, up 160 foundation factors year-over-year, in keeping with a current CommercialEdge report. Tech markets maintain the very best charges, together with Seattle, which registered a 390-basis-point soar since October 2023, hitting a 25.8 % emptiness fee.