BGO and URG complete refinancing of Plaza 600 in Seattle
SEATTLE (December 11, 2024) – BGO, a leading global real estate investment manager, has completed the refinancing of Plaza 600, a 20-story office building in downtown Seattle. The new financing structure will support revitalization initiatives at the property to attract high-quality tenants to this well-situated, downtown destination.
In the refinancing, BGO and Urban Renaissance Group (URG) secured significant committed capital in excess of $10 million which will further reposition the asset and capitalize on the appeal of the neighborhood. Ownership has commenced work to expand on and further activate the recently renovated lobby to add a coffee shop and other retailers, as well as renovations to elevator lobbies and the build out of move-in-ready MIRO suites. Mechanical upgrades and significant capital for new leasing incentives are also part of the restructuring.
"Through this loan restructuring, we have been able to reposition this asset with highly motivated owners that are committed to putting their capital to work - investing in both the property and new tenant relationships.” said Rob Naso, Managing Partner and Head of U.S. Asset Management at BGO. "With a much lower debt load, long-term loan extension and complete discretion over our leasing and capital improvements, we are now in a flexible position to aggressively pursue deals that will draw tenants to this attractive downtown Seattle location."
Centrally located between the Retail Core and the South Lake Union neighborhood, Plaza 600 provides convenient access to I-5 and mass transit, including the King County metro, Sound Transit express buses, Link Light Rail, South Lake Union Streetcar (located directly across the street), and the Monorail at Westlake Center. It also has a perfect walk score of 100. “Plaza 600 is located at one of the most prominent and active corners in downtown Seattle. The collective ownership group’s continued investment in the building will further enhance the tenant experience with best-in-class service for the industry leading companies in our region,” said Jeff Vorhies, URG Senior Director.
Plaza 600 offers 209,256 square feet of office space and an additional 5,063 square feet of retail space. It boasts a fully renovated lobby, bike room with showers, modern, tech-enabled conference rooms, an abundance of natural light on all tenant floors, and nine-foot ceilings. Adjacent to Amazon’s massive headquarters campus and The Spheres, the building also has sweeping views of Seattle and the Space Needle. It is also surrounded by more than 50 apartment buildings, many of which have been developed in the last several years — creating the ideal live, work, and play destination.
JLL’s Cleita Harvey, Tim Jones and Charlotte Evans lease the building.
About BGO
BGO is a leading, global real estate investment management advisor and a globally-recognized provider of real estate services. BGO serves the interests of more than 750 institutional clients with approximately $85 billion USD of assets under management (as of September 30, 2024) and expertise in the asset management of office, industrial, multi-residential, retail and hospitality property across the globe. BGO has offices in 27 cities across thirteen countries with deep, local knowledge, experience, and extensive networks in the regions where we invest in and manage real estate assets on behalf of our clients in primary, secondary and co-investment markets. BGO is a part of SLC Management, the institutional alternatives and traditional asset management business of Sun Life.
The assets under management shown above includes real estate equity and mortgage investments managed by the BGO group of companies and their affiliates, and as of 1Q21, includes certain uncalled capital commitments for discretionary capital until they are legally expired and excludes certain uncalled capital commitments where the investor has complete discretion over investment.
For more information, please visit www.bgo.com
About Urban Renaissance Group
Urban Renaissance Group LLC is a Seattle-based full-service commercial real estate company, engaged in acquisitions, development, asset management, leasing, property management and ownership in Seattle, Bellevue, Denver and Portland. Founded in 2006, the strategic premise of Urban Renaissance Group (URG) is that the form of the American City is changing. URG acts as a catalyst that understands and ignites that change, thereby building community, generating appropriate returns for its investors and opportunities for its partners and employees.
Learn more at www.urbanrengroup.com
Media Contact
Rahim Ladha
Global Head of Communications, BGO
media@bgo.com
