Bank of the Ozarks has provided a $56.4m construction loan for the development of NorthEdge, a Class A office property in the North Lake Union submarket of Seattle, Washington.
The three-year construction loan to Seattle-based developer Touchstone Corporation and partner AIG Global Investment Group funds the construction of a four-story building featuring 208,000 sq ft of office space, 4,000 sq ft of retail and a two-level, 314-space underground parking garage.
The construction site is located at the southeast corner of North 34th Street and Woodlawn Avenue, in the Fremont neighborhood. Within the North Lake Union submarket, home to names like Google and Adobe, it is situated across Lake Union from downtown Seattle. The developer is targeting additional tech tenants at NorthEdge, enticing them with office space that will feature exposed concrete, ceiling heights up to 17 feet and full-height glass windows overlooking Lake Union and the downtown Seattle skyline.
“The rapidly expanding tech companies in the area are facing virtually no available office space, which will spark significant leasing interest in NorthEdge,” said Bruce Ganong, who led the HFF team that represented the borrower, in a statement. “Once complete, NorthEdge will be the premier Class A office development in a severely supply constrained submarket of Seattle.”
The project is due for completion in March of 2016.