Newmark Secures $435 Million Refinance for Starbucks Center
Newmark Group Arranges Financing for Starbucks Center
Newmark Group, Inc. (NASDAQ: NMRK), a prominent name in commercial real estate, recently facilitated a substantial refinancing deal amounting to $435 million. This financing was arranged on behalf of notable clients, Nitze-Stagen & Co., Inc. and Daniels Real Estate, for the renowned Starbucks Center, a key office property located in Seattle's bustling SoDo District.
Details of the Refinancing Deal
The refinanced amount, provided by Deutsche Bank, is a testament to Newmark's strength in the market. Jonathan Firestone and Jordan Roeschlaub, co-presidents of Newmark's Global Debt & Structured Finance division, played instrumental roles in finalizing this deal, with support from Vice Chairman Blake Thompson and Co-Head of U.S. Capital Markets, Kevin Shannon.
Significance of Starbucks Center
Starbucks Center is not just another office building; it is a symbol of the iconic Starbucks brand that has been a part of the local landscape since 1993. Over the years, the property has seen more than sixty expansions, reflecting the continuous growth and evolving needs of Starbucks Corporation. This immense space encompasses 1,488,081 square feet and is recognized as an architectural landmark in one of the West Coast's premier markets. Its ongoing development cements its significance within Seattle's commercial scene.
Commitment to Long-Term Leasing
In a clear demonstration of its commitment to the Starbucks Center, Starbucks Corporation recently signed a groundbreaking 20-year lease extension, reaffirming its intent to remain in the property through 2038. To date, Starbucks has invested a remarkable $300 million into upgrades and enhancements of the building, underscoring the company’s focus on fostering a vibrant workplace for its employees while positively impacting the surrounding community.
Profile of Nitze-Stagen & Co., Inc.
Nitze-Stagen & Co., Inc. is a well-established real estate firm with a track record of ambitious adaptive reuse projects in the Puget Sound region. Their portfolio includes renowned properties like the Starbucks Center, Union Station, and Merrill Place. The company's mission revolves around creating value for both the community and its investors through innovative real estate solutions.
Introducing Daniels Real Estate, LLC
Daniels Real Estate, LLC is recognized for its exceptional contributions to Seattle’s architectural landscape through adaptive reuse projects. Their dedication to preserving and repurposing iconic structures reflects their commitment to enhancing urban spaces, leveraging a legacy built on high-quality development.
Overview of Newmark Group, Inc.
Newmark Group, Inc. stands out as a leader in the global commercial real estate arena. The company offers a comprehensive suite of tailored services that cater to various clients, including property owners, corporate occupiers, and investors. For the twelve months ended March 31, 2025, Newmark boasted over $2.8 billion in revenue and operated 165 offices globally, employing approximately 8,100 professionals. This robust framework enables Newmark to deliver superior client service across diverse market segments.
Frequently Asked Questions
What is the significance of the refinancing deal arranged by Newmark?
The $435 million refinancing deal positions Starbucks Center for continued success and stability, ensuring it remains a leading office asset in Seattle.
Who were the key people involved in the refinancing?
Jonathan Firestone, Jordan Roeschlaub, Blake Thompson, and Kevin Shannon played pivotal roles in facilitating the refinancing process.
What are the dimensions of Starbucks Center?
Starbucks Center spans a substantial 1,488,081 square feet, making it a significant architectural landmark in Seattle.
What recent commitment has Starbucks made regarding the property?
Starbucks has signed a 20-year lease extension for the Starbucks Center, ensuring its headquarters remain at the location until 2038.
How does Newmark support its clients?
Newmark offers a range of customized services to various stakeholders in the commercial real estate market, ensuring tailored support for each client.
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