BELLEVUE, WASH. — Newmark has arranged a $525 million loan for the refinancing of The Artise, a recently delivered, 25-story trophy office tower located in downtown Bellevue. Goldman Sachs and Deutsche Bank issued the new loan, which replaces a $520 million loan that was originally secured in September 2021, according to Puget Sound Business Journal.
Jonathan Firestone, Blake Thompson and Kevin Shannon of Newmark secured the financing on behalf of a joint venture between Schnitzer West, the developer of the tower, and The Baupost Group.
“Securing this refinancing for The Artise underscores lender confidence in Bellevue’s premier office market and the long-term durability of this tenancy,” says Firestone, who serves as the co-president of Global Debt & Structured Finance at Newmark.
Situated at the corner of NE 8th Street and 106th Avenue on the other side of Lake Washington from Seattle, The Artise was completed in 2024 and includes more than 600,000 square feet of office space that is fully preleased to Amazon. Amazon paused interior construction at the office property in 2022, but restarted work in October 2025, as reported by Puget Sound Business Journal.
Along with office space, The Artise features 7,000 square feet of vacant ground-floor retail space, a public plaza with a water feature, a 3,000-square-foot outdoor terrace, 196 vertical bike racks, 12 e-bike charging stations, locker rooms and a 927-stall underground parking garage.
Founded in 1997, Seattle-based Schnitzer West has developed or acquired and repositioned more than 12.5 million square feet of mixed-use, office, flex, industrial and bio-tech space, as well as 1,590 luxury multifamily units. Currently, the firm has 2 million square feet of office and multifamily space in predevelopment.
The Baupost Group is a Boston-based hedge fund founded in 1982 by William Poorvu and partners Howard Stevenson, Jordan Baruch and Isaac Auerbach.