Greenbridge Obtains $73M Loan for Creative Office Conversion in Seattle
SEATTLE — Greenbridge Investment Partners has obtained a $73 million loan for the conversion, renovation and stabilization of the Seattle Design Center. The two-building center is situated in the Georgetown submarket of Seattle.
Greenbridge has divided and rebranded the asset to include the 157,000-square-foot Seattle Design Center and the 280,000-square-foot Georgetown Squared (G2).
Greenbridge purchased the asset in 2015 for $24.9 million. The center was 43 percent occupied at the time. Greenbridge renovated the Seattle Design Center building and consolidated its showroom/design tenants into one building. The firm is now turning its attention to the repositioning of the G2 building, which will be converted from showroom space into creative office.
The G2 office building will offer 60,000-square-foot floorplates, exposed ceilings and concrete floors, glass walls for natural light, and unobstructed views of downtown Seattle and Mt. Rainier. It will also include full-service amenities like an upscale fitness center and conference center.
The non-recourse bridge loan closed at 59.7 percent loan-to-value for a 24-month term with one 12-month extension option. An initial $49 million was funded at closing, with an additional $24 million that will pay for G2’s renovation, construction, tenant improvements and leasing commissions. Steve Bram of George Smith Partners arranged the financing.