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June 20, 2019

HFF secures $154M for Esterra Park spec offices

Earlier this month, Capstone Partners announced that it would build the Block 3 office building at Esterra Park on spec, starting immediately. The Redmond project is called One Esterra Park, and will have 245,000 square feet. Holliday Fenoglio Fowler subsequently announced that it had secured $154.7 million in secured joint venture equity and construction financing for the project, which was designed by ZGF and being built by JTM. Completion is expected in late 2020; CBRE's Scott Davis, Tim Owens and Scotta Ashcraft are leasing the space for Capstone. HFF said the construction loan came from US Bank. The equity partner is a large insurance company that Capstone said it didn't want to name. HFF's Ben Bullock, Charles Halladay, Bruce Ganong, Zach Goodwin, Michael Leggett and Tom Wilson arranged the financing package.

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