SEATTLE — Seattle-based Schnitzer West LLC has landed a joint venture partner for the development of Madison Centre, a 36-story office tower in Seattle. Cornerstone Real Estate Advisers LLC has formed the joint venture with Schnitzer West on behalf of an unnamed institutional client. The equity contribution for this project totaled $150 million.
Simultaneously with the joint venture formation, Cornerstone and Schnitzer West closed a construction loan with Blackstone Real Estate Debt Strategies and Bank of the Ozarks.
The 754,000-square-foot, LEED Gold certified tower is situated on a 0.7-acre site in the central business district of Seattle. It will feature 746,000 square feet of office space and 7,800 square feet of ground-floor retail atop a seven-story subterranean parking garage.
Construction on the project started in third quarter 2014, and is slated for completion during the second quarter of 2017.
The building will feature an exterior façade utilizing high-performance glass and an aluminum curtain wall system, a ‘great room’ concept in the lobby, a 30-foot-tall glass rotunda with a suspended spiral staircase and a three-story, plant-covered “living wall.”
Hartford, Conn.-based Cornerstone Real Estate Advisers LLC is a global real estate investment manager, providing core and value-added investment and advisory services to institutional and other qualified investors around the globe.
Schnitzer West LLC is a real estate investment, development and property management company. To date, the company has developed or acquired and repositioned 8 million square feet of commercial space in the Seattle, Portland and Denver markets.
— Katie Sloan