Commercial real estate firm Touchstone and development company Portman Holdings have obtained full capitalization of the Chapter Buildings mixed-use project in Seattle’s University District, through a joint-venture partnership with Lionstone Investments. Bank OZK is the lender.

Chapter Building I, located at 4530 12th Ave. NE, is a 12-story property with 240,000-square-feet of Class-A office space and ground floor retail. Chapter Building II features 10 stories of Class-A life science, R&D and office space with ground floor retail. Both buildings are expected to deliver in early 2024.

“We are thrilled to be partnering with Lionstone on this transformative project in the University District, Seattle’s fastest growing neighborhood. Lionstone is a great fit for this project because of their extensive experience with life science assets, and because of their proven track record on large-scale, mixed-use development,” said Touchstone CEO Pat Callahan.

Both buildings will be built to LEED Gold certification standards, and are designed with a new level of health, safety and wellness in mind. CBRE represented Touchstone and Portman Holdings in sourcing joint venture equity investment.