Developer Evolution Projects Receives $109M Construction Financing for 35 Stone Office Building in Seattle

by Amy Works

SEATTLE — Seattle-based Evolution Projects has received $109 million in construction financing for the development of 35 Stone, a pre-leased office building in Seattle’s Fremont neighborhood.

Canyon Partners Real Estate provided a mezzanine loan to finance the development, concurrent with the closing of a senior construction loan from The Union Labor Life Insurance Co.

Slated for delivery in third-quarter 2024, the five-story building will offer 112,700 square feet of office space and 7,500 square feet of retail space. Onsite amenities will include a roof deck, bike parking, locker and shower suites, a central lobby with retail space and 135 parking stalls. Designed to meet Living Building Pilot Program standards, the property will reduce energy usage by at least 25 percent compared to other office buildings and is anticipated to be one of the most energy efficient and sustainable office buildings in Seattle.

Brooks Running will occupy the office space in 35 Stone, which is situated within the master-planned Campus Seattle development. Brian Kelly and Eric Lonergan of Savills represented Brooks Running in the lease transaction.

Kaden Eichmeier and Bruce Ganong of JLL represented the borrower in the financing.

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