Newmark Secures $435 Million Refinancing for Starbucks Center in Seattle
In a significant financial move, Newmark Group, Inc. has announced a refinancing deal worth $435 million for the Starbucks Center, a landmark headquarters located in Seattle’s vibrant SoDo District. This transaction, which involves both Nitze-Stagen Co., Inc. and Daniels Real Estate, ensures that Starbucks Corporation can continue to operate in a building that is not only crucial to its operations but also symbolizes its innovative spirit and community commitment.
Newmark, underscoring its position as a preeminent commercial real estate advisor, arranged the financing through Deutsche Bank, with the efforts led by Co-Presidents of Global Debt Structured Finance, Jonathan Firestone and Jordan Roeschlaub, alongside Vice Chairman Blake Thompson. Kevin Shannon, Co-Head of U.S. Capital Markets, also played a pivotal role in the early phases of this project.
This refinancing solidifies the standing of the Starbucks Center as one of Seattle's premier office spaces. In a statement, Firestone highlighted that this agreement ensures the enduring vitality of a globally recognized property, reinforcing its significance in the urban fabric of Seattle. Originally established as Starbucks’ home in 1993, the Starbucks Center has seen more than sixty expansions in its three-decade existence to accommodate the immense growth of the company.
Spanning an impressive 1,488,081 square feet, this architectural icon has long been a fixture in one of the most desirable markets on the West Coast. Starbucks’ ongoing investment in the facility reflects its dedication to both its workforce and the wider SoDo community. Recently, the coffee giant reaffirmed its commitment by signing a new 20-year lease extension that will secure its headquarters at this prime location through 2038. This comes on the heels of over $300 million invested by Starbucks in the center, reinforcing the brand’s foundational legacy.
Nitze-Stagen Co., Inc., known for its deep-rooted involvement in real estate investment and development within the Puget Sound Region, remains a crucial player in this transaction. The firm has a rich history of successful adaptive reuse projects, contributing significantly to the transformation of Seattle’s skyline. Likewise, Daniels Real Estate, LLC, acclaimed for its remarkable contributions to architectural aesthetics, has been instrumental in the preservation and revitalization of several landmarks throughout the city.
Newmark continues to extend its reach globally, driven by a mission to aid a diverse range of clients, from institutional investors to small startups, ensuring that bespoke services cater to the unique needs of each client. With more than 8,100 professionals across 165 offices worldwide, Newmark leverages its extensive market intelligence to deliver exceptional results. Over the twelve months leading up to March 31, 2025, the company reported revenues exceeding $2.8 billion, showcasing its influence in the commercial real estate sector.
As the Starbucks Center continues to evolve as a central hub for one of the world’s most recognized brands, this refinancing represents more than a financial maneuver; it is a testament to Starbucks’ enduring impact on the city of Seattle and the broader coffee culture. With its blend of innovation, community engagement, and architectural significance, the Starbucks Center maintains its prestigious role within the landscape of modern commerce and corporate responsibility in Seattle.
This deal not only underscores the commitment of Starbucks to its operational base but also highlights the strategic foresight of Newmark Group and its partners in recognizing the value embedded within landmark properties that play integral roles in their respective communities.
Newmark, underscoring its position as a preeminent commercial real estate advisor, arranged the financing through Deutsche Bank, with the efforts led by Co-Presidents of Global Debt Structured Finance, Jonathan Firestone and Jordan Roeschlaub, alongside Vice Chairman Blake Thompson. Kevin Shannon, Co-Head of U.S. Capital Markets, also played a pivotal role in the early phases of this project.
This refinancing solidifies the standing of the Starbucks Center as one of Seattle's premier office spaces. In a statement, Firestone highlighted that this agreement ensures the enduring vitality of a globally recognized property, reinforcing its significance in the urban fabric of Seattle. Originally established as Starbucks’ home in 1993, the Starbucks Center has seen more than sixty expansions in its three-decade existence to accommodate the immense growth of the company.
Spanning an impressive 1,488,081 square feet, this architectural icon has long been a fixture in one of the most desirable markets on the West Coast. Starbucks’ ongoing investment in the facility reflects its dedication to both its workforce and the wider SoDo community. Recently, the coffee giant reaffirmed its commitment by signing a new 20-year lease extension that will secure its headquarters at this prime location through 2038. This comes on the heels of over $300 million invested by Starbucks in the center, reinforcing the brand’s foundational legacy.
Nitze-Stagen Co., Inc., known for its deep-rooted involvement in real estate investment and development within the Puget Sound Region, remains a crucial player in this transaction. The firm has a rich history of successful adaptive reuse projects, contributing significantly to the transformation of Seattle’s skyline. Likewise, Daniels Real Estate, LLC, acclaimed for its remarkable contributions to architectural aesthetics, has been instrumental in the preservation and revitalization of several landmarks throughout the city.
Newmark continues to extend its reach globally, driven by a mission to aid a diverse range of clients, from institutional investors to small startups, ensuring that bespoke services cater to the unique needs of each client. With more than 8,100 professionals across 165 offices worldwide, Newmark leverages its extensive market intelligence to deliver exceptional results. Over the twelve months leading up to March 31, 2025, the company reported revenues exceeding $2.8 billion, showcasing its influence in the commercial real estate sector.
As the Starbucks Center continues to evolve as a central hub for one of the world’s most recognized brands, this refinancing represents more than a financial maneuver; it is a testament to Starbucks’ enduring impact on the city of Seattle and the broader coffee culture. With its blend of innovation, community engagement, and architectural significance, the Starbucks Center maintains its prestigious role within the landscape of modern commerce and corporate responsibility in Seattle.
This deal not only underscores the commitment of Starbucks to its operational base but also highlights the strategic foresight of Newmark Group and its partners in recognizing the value embedded within landmark properties that play integral roles in their respective communities.
Topics General Business）
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