SEATTLE — Newmark has arranged a $435 million loan for the refinancing of Starbucks Center, the coffee giant’s nearly 1.5 million-square-foot headquarters campus located at 2401 Utah Ave. S in Seattle. Deutsche Bank provided the loan to the owner, a partnership between two local real estate companies, Nitze-Stagen & Co. Inc. and Daniels Real Estate.
According to the property’s Wikipedia page, the main building was originally constructed in 1915 as a retail store for Sears, Roebuck & Co. Starbucks (NASDAQ: SBUX) first took occupancy of the property in 1993. At that time, the property was known as SoDo Center after its namesake neighborhood, which is one of Seattle’s main industrial districts, per Wikipedia.
Since then, the campus has undergone more than 60 expansions over the past three decades to accommodate the company’s growth, according to Newmark, which also notes that Starbucks has invested more than $300 million of its own capital in the Seattle campus to date. In addition, Starbucks recently signed a lease extension through 2038.
Jonathan Firestone, Jordan Roeschlaub, Blake Thompson and Kevin Shannon led the transaction for Newmark.
“The closing of this refinancing positions Starbucks Center for continued excellence as one of the city’s premier office assets,” says Firestone. “This transaction ensures the continued vitality of this globally recognized property, which has stood as an enduring symbol of the brand’s heritage and growth.”
As of Starbucks Corp.’s fiscal third-quarter 2025 that ended on June 29, Starbucks operates nearly 41,100 stores, including 17,230 U.S. locations and 7,800 locations in China. The company’s stock price closed on Wednesday, July 30 at $92.76 per share, up from $77.95 a year ago, a nearly 19 percent increase.
— Taylor Williams