Natixis Lends $266M on Acquisition of Amazon-Occupied Office
Natixis Real Estate Capital has provided a $266 million acquisition loan for TriStar Capital and RFR Holding’s purchase of Centre 425, a 16-story office property in Bellevue, Wash., Commercial Observer can first report.
Richard Horowitz, a principal at Cooper-Horowitz, arranged the financing and Michael Magner, a managing director at Natixis, originated the 10-year interest-only CMBS loan.
The transaction closed on Wednesday, sources told CO.
Centre 425 is a 356,909-square-foot structure at 425 106th Ave NE, developed by Schnitzer West and completed last year.
RFR and TriStar purchased the 356,909-square-foot building from Schnitzer West—which will continue to manage the property—for $313 million, or $877 per square foot, this week, according to an announcement. The acquisition marks the partnership’s fourth transaction, comprising over $1 billion in investment, in Seattle’s South Lake Union region in the past year.
The duo certainly appears to have a taste for Amazon-leased office space. As reported by Bisnow, RFR and Tristar bought the 12-story, 290,000-square-foot Urban Union building for $269 million in January, also from Schnitzer West. Last November, the joint venture paid $244 million for Phase VII of the online retail behemoth’s 313,000-square-foot South Lake Union Campus.
“With tech giants Amazon and Microsoft each occupying more than 10 million square feet in their Seattle-based corporate headquarters, and Facebook and Google calling Seattle home for their HQ2 campuses, we will continue to expand our Seattle footprint,” said David Edelstein, the president of Tristar Capital, in prepared remarks.
“Centre 425 offers a host of tenant-focused amenities including a great room optimally designed for tenant collaboration and productivity,” Jeff Harmer, Schnitzer West’s investment and development director, told CO.
Natixis has been busy transacting across the U.S. In addition to the $550 million refi it provided to Stellar Management and Chetrit Group for Yorkshire Towers and Lexington Towers in Manhattan’s Upper East Side this month, the French bank provided a $125 million construction loan to Madison Marquette for One Light Street, a mixed-use development in downtown Baltimore last month and a $270 million loan to refinance a J.W. Marriott hotel in Chicago in August.
Officials at Natixis declined to comment.