The 30-tenant property was constructed in 1981 and looks out over the Alaskan Way Viaduct to the Puget Sound. The largest tenant is 10,000 sf; the average tenant is 3,000 sf. Occupancy is currently about 93%. The most recognizable tenant is Cutter's Restaurant. Full service asking rates in the building are $23- to $25 per sf per year.

Churchill president Michael Taylor tells GlobeSt.com that the owner recently bought out another partner's interest to become sole owner of the property after 13 years of being the majority partner. The loan was originally going to be a floating rate loan, but the five-year treasury continued to drop to such a point that it made sent to lock in."

In September, Churchill arranged through a $70-million permanent loan for Schnitzer Northwest's 306,000-sf Civica Office Commons in Downtown Bellevue and a $66-million loan Nitze-Stagen's 2-million-sf Starbucks Center in Seattle's SODO district. In both cases, the lender was Teachers Annuity and Insurance Association.