JLL arranges $468.70m construction loan for office tower development in Bellevue, WA

JLL arranges $468.70m construction loan for office tower development in Bellevue, WA
The Artise Rendering

JLL Capital Markets group has arranged a $468.70 million construction loan for The Artise, a 25-story trophy office tower development in downtown Bellevue, Washington.

JLL worked on behalf of the borrower, a joint venture led by Schnitzer West and The Baupost Group, to secure the construction loan from accounts managed by KKR.

Anticipated for delivery in the fourth quarter of 2023, The Artise, totaling approximately 609,000 square feet, will offer 25 stories of Class-A office space that is 100% pre-leased to a global e-commerce leader. The state-of-the-art project will also include 4,783 square feet of retail space and parking for 1,158 vehicles.

Global architecture firm, NBBJ, has designed the building with the most recent HVAC/energy code compliancy, and the development is pursuing LEED Gold shell and core infrastructure.

The Artise is located at 788 106th Ave NE in the heart of downtown Bellevue on Seattle’s Eastside. Boasting a WalkScore® of 91, the property is just one block north of the “Grand Connection”, Bellevue’s main pedestrian corridor and the site of the future East Link Light Rail Extension. Additionally, The Artise is two blocks from Bellevue Transit Center and three blocks from the Interstate 405 on-ramp, providing premier access throughout the Seattle metro.

“Schnitzer West has been investing in Bellevue’s growth and development for more than two decades,” said Jordan Suther, Senior Investment Manager at Schnitzer West. “We value our longstanding relationship with JLL and its support in our continued commitment to the region and are very excited to kick off this relationship with KKR. The Artise will cultivate Bellevue’s position as a critical business hub in the Puget Sound area and deliver in-demand Class-A office space with features that allow the modern workforce to thrive.”