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Seattle & Northwest  + Office  | 

Gemini Rosemont, Beacon Capital Complete $230M Recap, Refi of Bellevue Office Campus

Los Angeles-based Gemini Rosemont Commercial Real Estate completed the recapitalization and refinance of One Twelfth @ Twelfth, an office campus in Bellevue in partnership with an affiliate of Boston-based Beacon Capital Partners. The deal was reportedly valued north of $230 million.

The One Twelfth campus is a comprised of three six-story buildings totaling 480,187 square feet. The Class A, LEED Gold certified buildings are located off the I-405 corridor in downtown Bellevue.

The property was acquired in December 2016 and had been held entirely on Gemini Rosemont’s balance sheet, pending the completion of a capital improvement and leasing plan that was largely completed in 2019.

Gemini Rosemont’s Ian Brownlow, says, “We successfully implemented our strategy of completing several key capital improvement projects that helped us recast One Twelfth’s rent roll.”

The partnership financed the property with a five-year, floating rate loan of $204 million from MetLife Investment Management.

For comments, questions or concerns, please contact Dennis Kaiser

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About Dennis Kaiser

Dennis Kaiser is Vice President of Public Relations and Communications for Connect Creative. Dennis is a communications leader with more than 40 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect Creative’s agency client services and is involved in a range of initiatives ranging from public relations and content strategy, communications and message development, copywriting, media relations, social media and content marketing services. Prior to joining Connect Media in 2015, his most recent corporate communications roles involved leading a regional public relations effort across Southern California for CBRE, playing a key marketing role on JLL’s national retail team, and directing the global public relations effort at ValleyCrest (BrightView), the nation’s largest commercial landscape services company. He has worked on marketing communications assignments for such CRE companies as Blackstone/Equity Office, Carlyle, Caruso, Disney Resorts, GE Capital, Irvine Company, Hines, Howard Hughes Corp., Jeffries, Lennar, MGM, Marcus & Millichap, Prologis, Raleigh Studios, Simon, Starwood, Trammell Crow Company, Transamerica, UBS and Wynn Resorts. Dennis has also worked on communications and launch strategies for a number of consumer electronic, media and tech brands including SlingMedia, Channel Master, Deluxe Media Entertainment, BeIn Sports, EchoStar and Sprint. Dennis’s agency background included firms such as Off Madison Ave., 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, Boy Scouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and the Thunderbirds Charities.

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