Newmark Arranges $525 Million Refinancing for The Artise

The transaction reflects Newmark's expertise in delivering large-scale financing solutions for institutional owners in top-tier office markets.

Apr. 1, 2026 at 4:10pm

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Newmark announced that it has arranged the $525 million refinancing of The Artise, a recently delivered, Class A+ 25-story trophy office tower in downtown Bellevue, Washington, that is 99% leased. The transaction was completed on behalf of Schnitzer West and The Baupost Group.

Why it matters

The refinancing of The Artise underscores lender confidence in Bellevue's premier office market and the long-term durability of the property's high-profile tenancy. It reflects the continued value of well-located, best-in-class office assets with strong occupancy in key markets.

The details

Newmark Co-President of Global Debt & Structured Finance Jonathan Firestone and Vice Chairman Blake Thompson, in collaboration with Co-Head, U.S. Capital Markets Kevin Shannon, led the assignment, arranging the financing from Goldman Sachs and Deutsche Bank. The team partnered closely with Schnitzer West and The Baupost Group to structure a competitive refinancing that aligns with the asset's long-term investment strategy.

  • The Artise was completed in 2024.

The players

Newmark

A world leader in commercial real estate, providing a comprehensive suite of services and products to clients across the industry spectrum.

Schnitzer West

A leading real estate investment, development, and property management company in the Seattle and Denver areas, known for its commitment to innovation and value creation.

The Baupost Group

A Boston-based investment manager with a long-term, value-oriented approach, with deep experience in public and private real estate markets.

Goldman Sachs

A global investment bank and financial services company that provided financing for the refinancing of The Artise.

Deutsche Bank

A global investment bank and financial services company that provided financing for the refinancing of The Artise.

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What they’re saying

“Securing this refinancing for The Artise underscores lender confidence in Bellevue's premier office market and the long-term durability of this tenancy.”

— Jonathan Firestone, Co-President of Global Debt & Structured Finance, Newmark

“The Artise reinforces the strength of Bellevue as a critical business hub. The refinancing reflects the continued value of well-located, best-in-class office assets with strong tenancy.”

— Jordan Suther, Senior Director, Schnitzer West

What’s next

The refinancing of The Artise is expected to support Schnitzer West and The Baupost Group's long-term investment strategy for the property, which is a key asset in Bellevue's thriving office market.

The takeaway

The successful refinancing of The Artise highlights the continued investor confidence in high-quality, well-located office properties in top-tier markets like Bellevue, Washington, where strong tenant demand and favorable market dynamics are driving ongoing real estate investment and development.