Northwestern Mutual and New York Life have funded a $400 million loan refinance on Union Square in Seattle, Wash. Union Square consists of One Union, a 36-story building containing 670,000 sq. ft. and Two Union, a 56-story building containing 1.1 million sq. ft. Each firm provided $200 million.
Northwestern Mutual provided the loan to Union Square LLLC owned by Washington Real Estate Holdings and a major pension fund.
"Union Square is an iconic office property that is very well-positioned within Seattle's financial district," Kelly Havey, director, Northwestern Mutual Real EstateLLC, said in a statement. Northwestern Mutual Real Estate Investments is the wholly owned subsidiary and authorized representative of Northwestern Mutual for the management of insurance company’s real estate portfolio. "Seattle is a dynamic city where it makes sense for us to invest on behalf of our policyowners."
Washington Real Estate Holdings, as the managing member of the ownership, handles both the leasing and management of Union Square.