FOR IMMEDIATE RELEASE
Contact: Lauren Smith / Greg Young
IDEA HALL
(714) 436-0855 ext. 23 / 25
lauren@ideahall.com /
greg@ideahall.com
BUCHANAN STREET PARTNERS TO ARRANGE $110 MILLION CONSTRUCTION LOAN FOR HINES' NEW DOWNTOWN BELLEVUE OFFICE TOWER
Class "A" tower will be one of the first in a series of downtown construction projects
Newport Beach, CA (May 31, 2006) - Buchanan Street Partners, a national real estate investment
bank, has been exclusively engaged to arrange $110 million in financing for the construction of a
downtown high rise in Bellevue, WA. The development is a joint venture between the international
developer Hines and Washington Capital Management.
Tower 333, a 20-story office development, will feature 465,244 gross square feet with 401,346 rentable
square feet of office and 8,656 square feet of retail space. The Class "A" office property will also
include an eight-level, below-grade parking garage with a capacity for 940 cars.
"We're seeking both floating and fixed rate construction financing options and expect a very favorable
response from the banking community due to the first class sponsorship and dynamics," said Tim Hawthorne,
Buchanan Street Partners executive vice president.
The building's design will maximize natural lighting and provide spectacular views of Mt. Rainier,
Lake Washington, and the Olympic and Cascade Mountain Ranges, with views to the west and south
protected by a zoning change.
Tower 333, located at 108th Avenue and NE 4th Place, is the first of a new wave of prospective
downtown construction projects that could add more than 2 million square feet of office space to
the Bellevue/Eastside area in the next several years.
"The site was already excavated with three levels of parking," said Hines Senior Vice President,
Collin Shepherd. "We are eight months ahead of schedule and expect that Buchanan Street Partners
will perform as they have for us in the past to secure the construction financing quickly; allowing
the tower to be ready by the end of 2007."
About Buchanan Street Partners…
Buchanan Street Partners is a real estate investment bank that provides
real estate capital for owners and developers, and has closed more than $10.5 billion in real estate
transactions since its inception. The firm makes principal equity investments for real estate in a
discretionary capacity, arranges debt and structured finance, is an investment manager to
institutional and private investors, offers investment sale brokerage services, and has a specialty
in self-storage finance. Buchanan Street Partners operates from offices in Newport Beach,
Los Angeles, San Francisco, Chicago and Atlanta.
About Hines…
San Francisco based Hines is a privately owned real estate firm
involved in real estate investment, development and property management worldwide. With offices in
68 U.S. cities and 14 foreign countries, and controlled assets valued at approximately $12.5 billion,
Hines is one of the largest real estate organizations in the world.
Access www.hines.com for more information.
About Washington Capital Management…
San Francisco based Washington Capital Management, Inc. has been in
the business of managing retirement assets since 1978. Particular emphasis has been in the area of
Taft-Hartley plans. Currently, Washington Capital Management has in excess of $2.5 billion under
management. For more information,
visit www.wcmadvisors.com
