American Life Inc. (ALI) recently received $122.7 million for the refinancing of 255 South King St., a 717,684-square-foot office and hospitality asset. The loan was provided by PCCP.

The asset was developed by ALI and completed in February 2018. The LEED Silver-certified property consists of a 209,476-square-foot office tower and a 23-story 282-room Hilton Embassy Suites Hotel with approximately 10,000 square feet of meeting and event space as well as 17,292 square feet of retail. The office tower, which spans 11 stories above a seven-story retail and parking garage podium, is 100 percent leased.

“We are glad that we decided early on to keep the Embassy Suites open, albeit with reduced staffing, during the pandemic, so that we could be poised to take advantage of the unique opportunities during the pandemic and could ramp up quickly when demand returned,” said Larry Ice, CFO of American Life.

Cushman & Wakefield served as the exclusive adviser to American Life. The equity, debt and structured finance team of Dave Karson, Chris Moyer, Stephen Michels, Zachary Kraft and Lauren Greenberg represented the borrower.

“We had strong credit support from the office building which helped offset the softer market demand for the hotel during the pandemic, but this particular hotel is recovering well and the location down by the stadium has become very appealing, given access to both Bellevue and downtown Seattle,” said Karson.

The property is located within the Pioneer Square submarket just south of downtown Seattle with immediate access to numerous retail and entertainment options as well as mass transit and freeways.

“The Puget Sound Region is a dynamic and cutting-edge market,” says Alison Beddard, Cushman & Wakefield’s Washington managing principal. “This transaction represents yet another positive sign of Seattle’s prosperous outlook and continued growth.”