Southcenter Corporate Square
Arranged a non-recourse bridge loan for the acquisition of the Southcenter Corporate Square, a 220,548 square foot Class B office park in Tukwilla, WA. Originally built between 1978 and 1980 as a build-to-suit for Boeing Company, the 14-acre site encompasses eleven, two-story office buildings and is currently 76 percent occupied. The borrower, a joint venture between CalSTRS and one of Seattle’s premier real estate operators, identified a demand in the submarket for office users with space requirements of approximately 10,000 square feet or smaller, making the asset with its 10,000-square-foot floor plates, uniquely positioned to attract these smaller users. The business plan is to implement an aggressive marketing program to lease the property’s remaining 57,500 square feet of available space in an improving office rental rate environment. RCP’s loan was a 5-year, interest-only facility which funded nearly 80% of the borrowers’ total costs and closed in less than 30 days.