Newmark Arranges $238 Million Refinancing for Lincoln Square North Office Tower on Behalf of Kemper Development

Photo Credit: Kemper Development Company

March 25, 2026 12:00 PM

Newmark announces the Company has arranged a $238 million refinancing for Lincoln Square North, an institutional-quality office tower within The Bellevue Collection. Newmark Co-President of Global Debt & Structured Finance Jonathan Firestone, Vice Chairman Blake Thompson and Associate Director Jack Condon secured the funding on behalf of owner Kemper Development Company. The refinancing was provided by Blackstone and New York Life.

“This financing underscores the exceptional performance and institutional quality of Lincoln Square North and the strength of the Bellevue market,” said Firestone. “With near-full occupancy, premier amenities and unmatched connectivity to The Bellevue Collection, the property continues to attract top-tier tenants and support meaningful rent growth. We’re proud to partner with Kemper Development Company and our lending partners, Blackstone and New York Life, to deliver a flexible, efficient capital solution.”

Lincoln Square North is a 25-story, 561,466-square-foot Class A office tower that is 100% leased and prominently positioned within The Bellevue Collection, a built-in amenity to office tenants, offering a variety of entertainment, meeting and dining options. Developed by Kemper in 2007, the property features premier amenities, on-site security and management, smart parking and direct connectivity to over 1.8 million square feet of retail, dining and entertainment via skybridges and tunnels.

The property continues to outperform the broader office market, driving strong tenant demand and rent growth. From November 2023 through March 2025, over 461,000 square feet of new office leases were signed or commenced, representing over 25% of the total office leasing activity in the Bellevue CBD during the same period, according to Newmark Research.

About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the twelve months ended December 31, 2025, Newmark generated revenues of nearly $3.3 billion. As of December 31, 2025, Newmark and its business partners together operated from approximately 175 offices with over 9,300 professionals across four continents. To learn more, visit nmrk.com or follow @newmark.

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