**Newmark Arranges $435 Million Refinancing for Seattle’s Starbucks Center HQ**
Newmark has successfully arranged a $435 million refinancing for Starbucks Center, a landmark office property located at 2401 Utah Avenue South in Seattle’s SoDo District. The financing was secured on behalf of Nitze-Stagen & Co., Inc. and Daniels Real Estate.
Deutsche Bank provided the loan, with the transaction brokered by Newmark’s Co-Presidents of Global Debt & Structured Finance, Jonathan Firestone and Jordan Roeschlaub, alongside Vice Chairman Blake Thompson. Kevin Shannon, Co-Head of U.S. Capital Markets, supported the 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.
First occupied by Starbucks in 1993, Starbucks Center has seen more than sixty expansions over the past thirty years. The building comprises 1,488,081 square feet of office space. Starbucks recently renewed its commitment to the location with a 20-year lease extension through 2038 and has invested over $300 million of its own capital into the site.
