Newmark Arranges $435 Million Refinancing for Iconic Starbucks Center Headquarters in Seattle's SoDo District
Rhea-AI Summary
Newmark (NASDAQ:NMRK) has successfully arranged a $435 million refinancing for the iconic Starbucks Center headquarters in Seattle's SoDo District. The financing was provided by Deutsche Bank on behalf of Nitze-Stagen & Co. and Daniels Real Estate.
The landmark office property, spanning 1.48 million square feet, has been Starbucks' headquarters since 1993 and has undergone over 60 expansions. Notably, Starbucks has recently extended its commitment to the property with a new 20-year lease through 2038 and has invested over $300 million of its own capital in the building.
Positive
- Secured substantial $435 million refinancing for a landmark property
- Starbucks signed new 20-year lease extension through 2038, demonstrating long-term commitment
- Property has strategic tenant investment of over $300 million
- Transaction involves major tenant Starbucks in prime Seattle market
Negative
- None.
News Market Reaction – NMRK
On the day this news was published, NMRK gained 3.19%, reflecting a moderate positive market reaction. Our momentum scanner triggered 6 alerts that day, indicating moderate trading interest and price volatility. This price movement added approximately $88M to the company's valuation, bringing the market cap to $2.86B at that time.
Data tracked by StockTitan Argus on the day of publication.
"The closing of this refinancing positions Starbucks Center for continued excellence as one of the city's premier office assets," said Firestone. "This transaction ensures the continued vitality of this globally recognized property, which serves as the mission-critical headquarters for Starbucks Corporation and has stood as an enduring symbol of the brand's heritage and growth."
Starbucks Center, originally occupied by Starbucks in 1993, has undergone more than sixty expansions over the past three decades to accommodate the company's dynamic growth. Spanning a substantial 1,488,081 square feet of office space, the building is widely acknowledged as an architectural icon in one of the West Coast's most sought-after gateway markets. Its evolving infrastructure continues to reinforce its strategic significance within
Further demonstrating its long-term commitment to the property, Starbucks recently signed a new 20-year lease extension, securing its headquarters at Starbucks Center through 2038. To date, Starbucks has invested over
About Nitze-Stagen & Co, Inc.
Nitze-Stagen & Co, Inc.is a multi-generational, integrated real estate investment, development, and management firm with a history of executing ambitious adaptive reuse projects in the Puget Sound Region. These include the Starbucks Center, Union Station, Merrill Place, and the Ainsworth & Dunn Warehouse. In all of its projects the company seeks to create value for both the surrounding communities and its investors.
About Daniels Real Estate, LLC
Daniels Real Estate, LLC is a development firm with senior leadership that has provided unrivaled architectural and artistic contributions to the Seattle Skyline. The company is nationally respected for their focus on adaptive reuse projects and whose team has saved some of
About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries ("Newmark"), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark's comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform's global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the twelve months ended March 31, 2025, Newmark generated revenues of over
Discussion of Forward-Looking Statements about Newmark
Statements in this document regarding Newmark that are not historical facts are "forward-looking statements" that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the Company's business, results, financial position, liquidity, and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark's Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.
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SOURCE Newmark Group, Inc.
FAQ
What is the value of the refinancing Newmark arranged for Starbucks Center?
How long is Starbucks' new lease extension at their Seattle headquarters?
How much has Starbucks invested in their Seattle headquarters building?
How large is the Starbucks Center headquarters in Seattle?
When did Starbucks first occupy their current Seattle headquarters?
