BELLEVUE, WASH. — JLL has arranged a $468.7 million construction loan for The Artise, a 25-story office tower that will be located in the Seattle suburb of Bellevue. The 609,000-square-foot building is 100 percent preleased to a global e-commerce tenant, which Bloomberg reports is Amazon.
New York City-based global investment firm KKR provided the loan to the borrower, a joint venture between developer Schnitzer West and Boston-based The Baupost Group. Specific loan terms were not disclosed.
Slated for a fourth-quarter 2023 completion, The Artise will house 4,783 square feet of retail space and 1,158 parking spaces. The building’s location at 788 106th Ave. in the downtown area puts it one block north of Bellevue’s main pedestrian corridor and the site of the future East Link Light Rail extension.
Additionally, The Artise will be located two blocks from Bellevue Transit Center and three blocks from the Interstate 405. Global architecture firm NBBJ designed the building, which will seek LEED Gold certification.
Mike Tepedino, Geoff Goldstein and Tom Wilson of JLL arranged the debt.
“The Artise will cultivate Bellevue’s position as a critical business hub in the Puget Sound area and deliver in-demand, Class A office space with features that allow the modern workforce to thrive,” says Jordan Suther, senior investment manager at Schnitzer West.
According to JLL’s data, office leasing activity in Seattle in the second quarter rose by 15.8 percent year-over-year, largely driven by tech companies that are projected to hire an additional 75,000 people in the Puget Sound area over the next couple of years. Demand for office space in Bellevue remains strong, with 96 percent of space in the development pipeline preleased and only three spaces over 100,000 square feet available for lease.
— Taylor Williams