Newmark Group, Inc., a leading commercial real estate advisor and service provider to large institutional investors, global corporations, and other owners and occupiers, announces the Company has arranged a $435 million refinancing on behalf of Nitze-Stagen & Co., Inc. and Daniels Real Estate for Starbucks Center, a landmark office property prominently located at 2401 Utah Avenue South in Seattle’s SoDo District. The financing, provided by Deutsche Bank, was secured by Newmark Co-Presidents of Global Debt & Structured Finance Jonathan Firestone and Jordan Roeschlaub, along with Vice Chairman Blake Thompson. Co-Head of U.S. Capital Markets Kevin Shannon also supported early stages of the assignment.
“The closing of this refinancing positions Starbucks Center for continued excellence as one of the city’s premier office assets,” said Firestone. “This transaction ensures the continued vitality of this globally recognized property, which serves as the mission-critical headquarters for Starbucks Corporation and has stood as an enduring symbol of the brand’s heritage and growth.”
Starbucks Center, originally occupied by Starbucks in 1993, has undergone more than sixty expansions over the past three decades to accommodate the company’s dynamic growth. Spanning a substantial 1,488,081 square feet of office space, the building is widely acknowledged as an architectural icon in one of the West Coast’s most sought-after gateway markets. Its evolving infrastructure continues to reinforce its strategic significance within Seattle’s business landscape.
Further demonstrating its long-term commitment to the property, Starbucks recently signed a new 20-year lease extension, securing its headquarters at Starbucks Center through 2038. To date, Starbucks has invested over $300 million of its own capital in the building, emphasizing the company’s dedication to its employees and the surrounding SoDo District community.
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