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Capstone Breaks Ground on Spec Office at Redmond’s $1.2B Esterra Park
Capstone Partners is starting another component of the $1.2-billion Esterra Park master‐planned community in Redmond, WA. Ground is set to break next week on One Esterra Park, a 245,000-square-foot, Class A speculative office building. The 2.2-acre transit-oriented site at 15550 NE Turing St. is adjacent to Microsoft’s HQ and the new Overlake Village light‐rail station on Seattle’s Eastside.
Capstone’s Mike Hubbard says, “We are thrilled at the success of Esterra Park and the start of our office building. We have seen an incredible amount of interest from prospective tenants, inquiring about leasing the building in its entirety.”
HFF’s Ben Bullock, Charles Halladay, Bruce Ganong, Zach Goodwin, Michael Leggett and Tom Wilson secured joint venture equity and construction financing totaling $154.7 million for the development of the building, scheduled to deliver late 2020. Working on behalf of Capstone, HFF sourced equity capital from an institutional investor and on behalf of the JV secured the construction loan with US Bank.
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