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SEATTLE- The owners of Piers 55 & 56 paid off a Key Bank construction loan this week with a $12-million, 15-year permanent financing from Safeco Life Insurance Company and Sterling Savings Bank.

Pier 56 is the home of the architecture firm Mithun Inc., as well as the Seattle landmark, Elliott’s Oyster House, a tenant of the property for more than 25 years. Neighboring Pier 55 is occupied by a variety of retail and office tenants; the largest, Argosy Cruises, is headquartered in the property.

The piers were originally constructed in the early 1900s to support the shipping and warehousing requirements of the thriving Port of Seattle. Martin Smith Development Corp. completed a comprehensive renovation of Pier 56 in 2000. Martin Smith Inc.’s Capital Markets Group also brokered the deal, and a company source says the ownership group includes principals of Martin Smith.

Established in 1974, Martin Smith Inc is the largest locally owned, full-service commercial real estate firm in Seattle. Martin Smith Inc offers its domestic and international clients and partners comprehensive real estate services through its three divisions: Investment Services, Management Services and Transaction Services.

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