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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.

For comments, questions or concerns, please contact Dennis Kaiser

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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

  • ◦Development