Newmark Arranges $525M Refinancing for The Artise Office Tower in Downtown Bellevue

Newmark has arranged a $525 million refinancing for The Artise, a 25-story Class A+ office tower in downtown Bellevue, Washington, on behalf of owners Schnitzer West and The Baupost Group, the firm announced April 1, 2026. Goldman Sachs and Deutsche Bank provided the financing for the recently completed, 99%-leased property.

Deal Structure and Broker Team

The financing was led by Newmark Co-President of Global Debt & Structured Finance Jonathan Firestone and Vice Chairman Blake Thompson, in collaboration with Co-Head of U.S. Capital Markets Kevin Shannon. The team structured the refinancing on behalf of the borrowers, with Goldman Sachs and Deutsche Bank serving as co-lenders.

"Securing this refinancing for The Artise underscores lender confidence in Bellevue's premier office market and the long-term durability of this tenancy," said Firestone. "Goldman Sachs and Deutsche Bank delivered a competitive structure that supports our clients' business plan and recognizes the exceptional quality and an investment-grade tenant."

Jordan Suther, Senior Director at Schnitzer West, added: "The Artise reinforces the strength of Bellevue as a critical business hub. The refinancing reflects the continued value of well-located, best-in-class office assets with strong tenancy. We're pleased to see ongoing confidence from the capital markets."

Property Overview: The Artise Office Tower

Completed in 2024 at the intersection of NE 8th Street and 106th Avenue in downtown Bellevue, The Artise is a LEED Gold-certified office tower featuring self-tinting high-performance glazing, a prominent public plaza with a water feature, and 927 below-grade parking stalls. The property also includes a 3,000-square-foot outdoor terrace and bicycle amenities including 196 vertical bike racks, 12 e-bike charging stations, and dedicated locker rooms. The tower is 99% leased, with occupancy supported by what the owners describe as investment-grade tenancy.

Owners: Schnitzer West and The Baupost Group

Schnitzer West, co-founded in 1997, is one of the Seattle and Denver area's commercial real estate investment, development, and property management companies. The firm has developed or acquired and repositioned more than 12.5 million square feet of Class A office, suburban office, flex, industrial, and bio-tech space, as well as mixed-use and multifamily real estate, including 1,590 units of luxury multifamily residential in Seattle, Portland, and Denver. Schnitzer West currently has approximately 2.0 million square feet of office and multifamily residential — including 380 units — in predevelopment, and its asset operations group actively manages 3.8 million square feet of office and industrial property.

The Baupost Group, a Boston-based investment manager founded in 1982, employs a long-term, value-oriented approach to investing. The firm has been investing in real estate for more than 30 years, working both independently and through joint ventures across geographies and property types, in both equity and credit positions.

Transaction Background

According to Newmark, the refinancing supports the asset's long-term investment strategy following its 2024 delivery. The transaction was structured to align with the borrowers' business plan, according to the firm's announcement.

Newmark Group, Inc. (Nasdaq: NMRK) reported revenues of nearly $3.3 billion for the twelve months ended December 31, 2025, and operates from approximately 175 offices with over 9,300 professionals across four continents.

Sources: Newmark Press Release, April 1, 2026