BELLEVUE, WASH. — Kemper Development Co. has secured $238 million for the refinancing of an office tower located in Bellevue, situated to the east of Seattle across Lake Washington.
The property, Lincoln Square North, is part of The Bellevue Collection, a shopping and dining district featuring more than 200 retail tenants, 50 restaurant and entertainment venues and three luxury hotels. Bellevue-based Kemper, the master developer of The Bellevue Collection, originally built the tower in 2007.
Totaling 561,466 square feet across 25 stories, the building was fully leased at the time of financing. Jonathan Firestone, Blake Thompson and Jack Condon of Newmark arranged the financing from Blackstone and New York Life on behalf of the owner.
According to Newmark, more than 461,000 square feet in office leases were executed or commenced at the tower between November 2023 and March 2025, representing over 25 percent of the total office leasing activity in the Bellevue central business district (CBD) during that period.
“This financing underscores the exceptional performance and institutional quality of Lincoln Square North and the strength of the Bellevue market,” says Firestone. “With near-full occupancy, premier amenities and unmatched connectivity to The Bellevue Collection, the property continues to attract top-tier tenants and support meaningful rent growth.”
Amenities at Lincoln Square North include onsite security and management, electric car charging stations and direct connectivity to more than 1.8 million square feet of retail, dining and entertainment via skybridges and tunnels. The building features views of Lake Washington and the Seattle skyline.
Broderick Group manages leasing at the property on behalf of Kemper. According to the brokerage firm’s website, roughly 45,800 square feet of space across two suites will be available for lease on a triple-net basis beginning in April. The rental rate for the suites is $65 per square foot.
— Hayden Spiess