Newmark Arranges $435 Million Refinancing for Iconic Starbucks Center Headquarters in Seattle’s SoDo District

July 30, 2025 11:00 AM

Newmark Group, Inc. (Nasdaq: NMRK) (“Newmark” or “the Company”), a leading commercial real estate advisor and service provider to large institutional investors, global corporations, and other owners and occupiers, announces the Company has arranged a $435 million refinancing on behalf of Nitze-Stagen & Co., Inc. and Daniels Real Estate for Starbucks Center, a landmark office property prominently located at 2401 Utah Avenue South in Seattle’s SoDo District. The financing, provided by Deutsche Bank, was secured by Newmark Co-Presidents of Global Debt & Structured Finance Jonathan Firestone and Jordan Roeschlaub, along with Vice Chairman Blake Thompson. Co-Head of U.S. Capital Markets Kevin Shannon also supported early stages of the assignment.

“The closing of this refinancing positions Starbucks Center for continued excellence as one of the city’s premier office assets,” said Firestone. “This transaction ensures the continued vitality of this globally recognized property, which serves as the mission-critical headquarters for Starbucks Corporation and has stood as an enduring symbol of the brand’s heritage and growth.”

Starbucks Center, originally occupied by Starbucks in 1993, has undergone more than sixty expansions over the past three decades to accommodate the company’s dynamic growth. Spanning a substantial 1,488,081 square feet of office space, the building is widely acknowledged as an architectural icon in one of the West Coast’s most sought-after gateway markets. Its evolving infrastructure continues to reinforce its strategic significance within Seattle’s business landscape.

Further demonstrating its long-term commitment to the property, Starbucks recently signed a new 20-year lease extension, securing its headquarters at Starbucks Center through 2038. To date, Starbucks has invested over $300 million of its own capital in the building, emphasizing the company’s dedication to its employees and the surrounding SoDo District community.

About Nitze-Stagen & Co, Inc.
Nitze-Stagen & Co, Inc.is a multi-generational, integrated real estate investment, development, and management firm with a history of executing ambitious adaptive reuse projects in the Puget Sound Region. These include the Starbucks Center, Union Station, Merrill Place, and the Ainsworth & Dunn Warehouse. In all of its projects the company seeks to create value for both the surrounding communities and its investors.

About Daniels Real Estate, LLC
Daniels Real Estate, LLC is a development firm with senior leadership that has provided unrivaled architectural and artistic contributions to the Seattle Skyline. The company is nationally respected for their focus on adaptive reuse projects and whose team has saved some of Seattle’s most iconic buildings such as Sears Robuck (Starbucks Center), Stadium Place, The Emerald, The Graystone, F5 Tower, The Sanctuary, Seattle Plumbing Building (Gridiron Condominiums), Union Station, Frye Art Museum, Merrill Place, and St. Edward Seminary in Kenmore: The Lodge at St. Edwards.

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 June 30, 2025, Newmark generated revenues of over $2.9 billion. As of June 30, 2025, Newmark and its business partners together operated from 165 offices with over 8,400 professionals across four continents. To learn more, visit nmrk.com or follow @newmark.

Discussion of Forward-Looking Statements about Newmark
Statements in this document regarding Newmark that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the Company’s business, results, financial position, liquidity, and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark’s Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.