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Newmark has arranged a $238 million refinancing for Lincoln Square North, a fully leased office tower within The Bellevue Collection in Bellevue, Washington. The financing recapitalizes a key Class A asset in the Bellevue central business district and comes as the submarket has seen a wave of new leasing activity.
The Newmark team of Co-President of Global Debt & Structured Finance Jonathan Firestone, Vice Chairman Blake Thompson and Associate Director Jack Condon secured the new loan on behalf of Kemper Development Company. Kemper is the owner and original developer of Lincoln Square North. The refinancing was provided by Blackstone and New York Life, bringing together institutional capital sources on the debt side for the 25-story tower.
Lincoln Square North totals 561,466 square feet of office space and is 100% leased, according to Newmark. The tower is prominently positioned within The Bellevue Collection, a large mixed-use destination in Bellevue. Developed by Kemper in 2007, the property offers a package of on-site amenities and services designed to compete at the top of the local office market.
Building features include premier amenities, on-site security and on-site management. The property also provides smart parking and direct connectivity to more than 1.8 million square feet of retail, dining and entertainment uses within The Bellevue Collection. This integration with a sizable concentration of retail and experiential offerings reinforces the property’s positioning as a high-end workplace environment in a walkable, amenity-rich setting.
Firestone described the new financing as a reflection of both Lincoln Square North’s performance and the durability of the Bellevue office market. He noted that from November 2023 through March 2025, more than 461,000 square feet of new office leases were signed or commenced at the property. That leasing volume represented over 25% of the total office leasing activity recorded in the Bellevue CBD over the same period.
The combination of a fully leased, institutionally owned office tower and fresh long-term financing from major capital providers highlights continued lender interest in well-located, high-quality assets in Bellevue. At the same time, the leasing figures cited by Newmark underscore that tenant demand in the Bellevue CBD has been meaningfully concentrated in a small number of top-tier buildings, with Lincoln Square North capturing a significant share of recent activity.
The post Newmark Secures $238M Refinancing for Bellevue’s Lincoln Square North Office Tower appeared first on CRE Market Beat.
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