Life insurer MassMutual’s Hartford-based commercial realty arm Cornerstone Real Estate Advisers is the co-developer on a 36-story office tower in downtown Seattle.
Cornerstone said that, on behalf of an unnamed institutional client, it will partner with Schnitzer West LLC, of Bellevue, Wash., in contributing $150 million in equity to develop Madison Centre. The partners also closed recently on a construction loan from Blackstone Real Estate Debt Strategies and Bank of the Ozarks.
Work began in late 2014 on the building, projected to house 746,000 square feet of office space plus another 7,800 square feet of ground-floor retail, the parties said. Opening is targeted for the second quarter of 2017.
Amazon, Boeing and Microsoft are that Pacific region’s major employers.
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