Dealmaker: Newmark Arranges $525M Refinancing for Washington Office Building

Newmark, Washington, D.C., arranged the $525 million refinancing of a Class A, 25-story office tower in Bellevue, Wash.

Newmark Co-President of Global Debt & Structured Finance Jonathan Firestone and Vice Chairman Blake Thompson, in collaboration with Co-Head, U.S. Capital Markets Kevin Shannon, led the assignment, arranging the financing from Goldman Sachs and Deutsche Bank on behalf of Schnitzer West and The Baupost Group. The team partnered closely with the clients to structure a competitive refinancing that aligns with the asset’s long‑term investment strategy.

The building–The Artise–was completed in 2024 and is currently 99% leased.

“Securing this refinancing for The Artise underscores lender confidence in Bellevue’s premier office market and the long-term durability of this tenancy,” said Firestone. “Goldman Sachs and Deutsche Bank delivered a competitive structure that supports our clients’ business plan and recognizes the exceptional quality and an investment-grade tenant.”