Cornerstone Real Estate Advisers has formed a joint venture with Seattle-based development company, Schnitzer West, LLC, on behalf of an unnamed institutional client to build a new 36-story office tower in Seattle's Central Business District. Simultaneously with the joint venture formation, Cornerstone and Schnitzer West closed a $225 million construction loan with Blackstone Real Estate Debt Strategies and Bank of the Ozarks, arranged by Holliday Fenoglio Fowler, L.P. The tower, dubbed Madison Centre, was designed by Seattle-based NBBJ and features a glass rotunda, which anchors an urban environment framed by the historic U.S. Federal Courthouse, a public green, and the Seattle Public Library.
"Seattle's solid economic fundamentals, strong job market and appeal from a lifestyle perspective have created an ideal environment for a thriving office market. The optimal location and sophisticated design have positioned Madison Centre to become one of the most iconic office developments in Seattle, making it a highly attractive investment for our client," said John Kennedy, western regional director of Cornerstone Real Estate Advisers. "We are excited to partner with Schnitzer, whose excellent track record and depth of local market knowledge will help us successfully bring this development to market."
"Madison Centre is a leading-edge office work and collaboration environment designed to enhance productivity and redefine tenant and employee expectations in the Seattle CBD," added Pam Hirsch, managing partner, investment and development, at Schnitzer West. "We are very pleased to align with Cornerstone on this game changing investment."
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