Thank you for sharing!

Your article was successfully shared with the contacts you provided.

SEATTLE-Tishman Speyer has reached an agreement to restructure the debt secured by Second & Seneca, a downtown Seattle office building. Under the restructuring agreement, ownership will invest fresh capital, which will put the property on a firm financial footing into 2017 when the current debt matures.

Although Tishman Speyer would not comment on the debt amount, an unidentified source not involved in the deal tells GlobeSt.com that the debt amount is $175 million. This restructuring marks the latest in a series of successful debt restructurings by the firm, including a recent 28-asset portfolio of Washington, DC-area office buildings, where, as GlobeSt.com previously reported, the firm invested $700 million to retire $600 million of partnership debt and provide working capital. The company also recently restructured a $1.4-billion loan for five downtown Chicago office towers, as GlobeSt.com also previously reported. 

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt
Live Chat

Copyright © 2022 ALM Media Properties, LLC. All Rights Reserved.