PSRS Provides $57M Loan for Seattle Office Property

by Nellie Day

SEATTLE — PSRS has provided a $57 million loan for a 285,186-square-foot office building in the South Lake Union area of downtown Seattle. The building was constructed in 1929 and renovated in 1965.

The asset has a mix of tenants, including a local newspaper as the anchor. The space also includes a data storage business.

The 10-year, interest-only, cash-out loan was financed through a leading CMBS lender. The borrower is a large data center and office investor. PSRS’ Michael Thorp and Ryan Frankman secured the financing. The planned use of the capital was not disclosed.

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