One Twelfth @ Twelfth Undergoes Recapitalizing and Refinancing

The One Twelfth campus is a comprised of three six-story buildings totaling 480,187 square feet.

BELLEVUE, WA—The recapitalization and refinance of the One Twelfth @ Twelfth office campus has been completed by Gemini Rosemont Commercial Real Estate in partnership with an affiliate of Beacon Capital Partners. Acquired in December 2016, the property 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.

“We successfully implemented our strategy of completing several key capital improvement projects that helped us recast One Twelfth’s rent roll,” said Ian Brownlow, chief executive officer of Gemini Rosemont. “We attracted several top tier and credit tenants, including one of the world’s largest technology firms which will ultimately occupy approximately one-third of the campus. From the onset, we had planned on bringing in a capital partner when appropriate, and now was the right time to do so. The significant liquidity provided to Gemini Rosemont through this transaction will be used to acquire additional class-A assets in coastal and tech-centric markets in keeping with our acquisition mandate.”