SEATTLE-Tishman Speyer has reached an agreement to restructure the debt secured by Second & Seneca, a downtown Seattle office building. Under the restructuring agreement, ownership will invest fresh capital, which will put the property on a firm financial footing into 2017 when the current debt matures.
Although Tishman Speyer would not comment on the debt amount, an unidentified source not involved in the deal tells GlobeSt.com that the debt amount is $175 million. This restructuring marks the latest in a series of successful debt restructurings by the firm, including a recent 28-asset portfolio of Washington, DC-area office buildings, where, as GlobeSt.com previously reported, the firm invested $700 million to retire $600 million of partnership debt and provide working capital. The company also recently restructured a $1.4-billion loan for five downtown Chicago office towers, as GlobeSt.com also previously reported.
Second & Seneca includes a 22-story, 436,752-square-foot class A office tower and a four-story, 74,712-square-foot office building and data center located in Downtown Seattle’s central business district.
“The completion of the debt restructuring agreement for Second & Seneca is great news for Tishman Speyer and our lenders,” says the firm’s co-CEOs Jerry Speyer and Rob Speyer in a prepared statement. “It ensures that the property has sufficient capital to lease the property to stabilization and create long-term value.”
According to the co-CEOs, the restructuring agreement also demonstrates the company’s confidence in the long-term strength of the Seattle office market. “We anticipate benefiting as the market improves.”
Completed in 1991, the property provides tenants with sweeping views of Puget Sound, the Olympic Mountains and the Space Needle. In addition, the property is located within walking distance to the Seattle waterfront, Pike Place Market, the Seattle Public Library, the Seattle Aquarium, Benaroya Hall, the Seattle Art Museum, Qwest Field and Safeco Field.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
