Market Overview

HFF Secures $154.7M in Joint Venture Equity and Construction Financing for Class A Office Development in Redmond, Washington


Holliday Fenoglio Fowler, L.P. (HFF) announces that it has secured joint
venture equity and construction financing totaling $154.7 million for
the development of One Esterra Park, a transit-oriented, Class A office
development located adjacent to Microsoft's world headquarters in
Redmond, Washington.

Working on behalf of Capstone Partners, LLC, HFF sourced equity capital
from an institutional investor and then on behalf of the joint venture
secured the construction loan with US Bank.

The project is the next phase of the three million-square-foot Esterra
Park live-work-play master planned community in suburban Seattle. With
an estimated completion in fourth quarter 2020, One Esterra Park will
offer 245,000 square feet of Class A office space in a six-story
building designed with technology tenants in mind. The property is being
built to LEED Silver standards and will feature average floor plates of
40,000 square feet, robust amounts of power and mechanical
infrastructure and collaborative common areas that will foster
innovation and productivity. One Esterra Park is positioned on a
2.2-acre site at 15550 NE Turing Street immediately adjacent to the
world headquarters of Microsoft and near many of the area's large and
expanding economic drivers such as Facebook, Amazon and Google.
Additionally, the project is adjacent to the future Overlake Village
Transit Station and the future State Route 520 off-ramp providing
connectivity to major area thoroughfares, including Interstates 405 and

The HFF debt and equity placement team included Ben Bullock, Charles
Halladay, Bruce Ganong, Zach Goodwin, Michael Leggett and Tom Wilson.

"It was exciting to be part of the final phase of such a transformative
multi-phased mixed-use development," Bullock said.

About Capstone Partners

Formed in 2002, Capstone Partners plans, finances, implements and
manages commercial real estate investments for investors and
organizations in the Pacific Northwest and is one of the most active
developers in the region with offices in both Seattle and Portland.
Capstone has completed more than $1.5 billion of office, multifamily,
industrial and retail developments representing over six million square
feet and 2,500 multifamily units to date, with over $400 million of
office, apartment and industrial projects in Seattle and Portland
markets underway.

About HFF

HFF and its affiliates operate out of 26 offices and are a leading
provider of commercial real estate and capital markets services to the
global commercial real estate industry. HFF, together with its
affiliates, offers clients a fully integrated capital markets platform,
including debt placement, investment advisory, equity placement, funds
marketing, M&A and corporate advisory, loan sales and loan servicing.
HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities
Limited are owned by HFF, Inc. (NYSE:HF). For more information, please
or follow HFF on Twitter @HFF.

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