SAN FRANCISCO—Holliday Fenoglio Fowler, L.P. announced that it has arranged joint venture equity for the development of 2nd & Pike, a 39-story, Class A+ luxury residential apartment tower in downtown Seattle’s Pike/Pine corridor.
HFF worked on behalf the developer, Urban Visions, one of Seattle’s leading real estate companies, to arrange the joint venture equity partnership with Mitsui Fudosan America, Inc. (MFA), the U.S. subsidiary of Japan’s largest public real estate company.
2nd & Pike is prominently situated on a 0.44-acre site at 1430 Second Avenue approximately one block from Pike Place Market and three blocks from Seattle’s most traveled transit hub, Westlake Station. Having broken ground in late 2015, this iconic tower is due for completion in December 2017. The property will have 340 luxury apartment units averaging 985 square feet each; 11,910 square feet of prime retail space; and five levels of below-grade parking. The tower, designed by Tom Kundig of renowned Seattle-based Olson Kundig Architects, will offer unobstructed views of Seattle’s bay, luxury finishes and amenities including concierge service, a fitness center, private dining/conference facilities, rooftop lounge space, resident lounge with full kitchen and an eighth-floor, 6,000-square-foot destination sky bar.
The HFF team representing Urban Visions was led by senior managing directors Gerry Rohm, Bruce Ganong and Nick Kucha and managing director Mark Erland.
“The development of 2nd & Pike represents our desire to build the premier luxury residential tower in Seattle based on the most cutting edge principles in environmental design and sustainability,” said Greg Smith, CEO of Urban Visions. “This property embodies our company’s philosophy of building and managing generational assets for both our own and our partners’ portfolios.”
“Our longtime strategy has been to form relationships with proven, local partners who share similar long-term views and passion for developing best-in-class assets,” said John Westerfield, CEO of MFA. “HFF played an integral role in bringing together two firms with shared values, and we are pleased to be in partnership with Urban Visions in developing this superior, luxury residential tower located in one of the most sought-after locations in Seattle.”
“2nd & Pike has always been regarded as one of Seattle’s premier CBD intersections and the development of this iconic tower is leading the transformation of the 2nd Avenue corridor to become one of the most desirable neighborhoods in Seattle. We are very pleased to have been retained by Urban Visions to source the equity capital for the development of this landmark tower,” said Rohm.