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November 29, 2019

JLL secures $110M refi for Bellevue office park

Bellefield Office Park is a 15-building complex with about 500,000 square feet.

JLL announced the $110 million refinancing of Bellefield Office Park for owners Lionstone Investments and Talon Private Capital. JLL's Colby Mueck, Tom Wilson and Laura Sellingsloh secured the loan from Bank of America. The 56-acre, 15-building complex has about 500,000 square feet. Talon renovated the complex from 2013-2017 at a stated cost of around $15 million, and it's now about 96% leased. Current ownership paid about $120 million in 2014 for the complex, which ran into trouble following the recession. Prior owners were Whitehall Street Real Estate (an entity of Goldman Sachs) and, following a loan default, Walton Street Capital. Talon has led the repositioning effort for the new ownership. CBRE leases the space at Bellefield, which will be less than a mile from East Main Station, where light rail service will begin in 2023.




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