Dealmaker: Newmark Arranges $59M For Office, R&D Assets

Newmark, San Francisco, arranged $58.5 million for office and research and development assets in Seattle and San Jose, Calif.

Newmark Principal Michael Taylor and Associate Patrick Taylor arranged arranged $33 million in permanent financing for the Tower Building in downtown Seattle. Located two blocks from’s new headquarters, the 17-story office building sits in the connection point between Seattle’s retail core and the South Lake Union neighborhood.

Constructed in 1930, the Tower Building was renovated in 1988. It includes 156,000 square feet of rentable area plus ground-floor retail.

John Hancock Life Insurance Co., Boston, supplied the financing.

“The owners needed to refinance to retire an existing loan that was maturing,” Michael Taylor said, noting lenders have a “healthy appetite” for allocations to Seattle commercial assets.

Newmark Principals Robert Slatt and Jeff Wilcox and Associate Charlie Kokernak also arranged $25.5 million in permanent financing for 5500-5550 Hellyer Ave, a two-story Silicon Valley research and development building. The 100 percent occupied property includes both industrial flex and office space. 

A conduit lender provided the 10-year fixed-rate loan with a 30-year amortization schedule. The financing was arranged as a first deed of trust on a non-recourse basis as part of a purchase transaction.