SAN FRANCISCO, CA – February 4, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today 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.
About Urban Visions
Headquartered in Seattle, Washington, Urban Visions is a private real estate developer and manager committed to smart growth principles, sustainable development choices and increased urban density. The firm currently develops and manages across all asset types and has a successful track record in new development, historic rehabilitation and major entitlement projects. Notable properties that the firm is developing or has developed in Seattle include 200 Occidental; 888 2nd Avenue, “S”; 1516 2nd Avenue; Millennium Tower; and IDX Tower. Since its founding in 2003 by Greg Smith, Urban Visions has been involved in the entitlement, development and redevelopment of nearly three million square feet of office and residential projects in Seattle. For more information, visit: www.urbanvisions.com.
About Mitsui Fudosan America, Inc.
Mitsui Fudosan America, Inc. (MFA) is a real estate investment and development company headquartered in New York City and is the U.S. subsidiary of Mitsui Fudosan Co., Ltd. – Japan’s largest publicly traded real estate company. MFA’s history in the United States dates back to the early 1970’s. Since its inception, MFA has acquired and developed numerous office, multifamily and hospitality properties in major markets throughout the U.S. including: 1251 Avenue of the Americas in Midtown Manhattan; The Homer Building in Washington, D.C.; Figueroa at Wilshire in Los Angeles and the renowned Halekulani Hotel in Waikiki, Hawaii. In addition to its significant portfolio of office buildings, MFA recently expanded its development platform with several office and multifamily projects under development in New York, San Francisco, Seattle and Washington, D.C. MFA is a major investor in the development of Hudson Yards in New York, New York.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.