Country for PR: United States
Contributor: PR Newswire New York
Wednesday, January 15 2020 - 08:50
Gemini Rosemont Recapitalizes and Refinances One Twelfth @ Twelfth in Bellevue, Wash.
LOS ANGELES, Jan. 15, 2020 /PRNewswire-AsiaNet/ --

Gemini Rosemont Commercial Real Estate, a vertically integrated real estate 
investment management firm, has completed the recapitalization and refinance of 
One Twelfth @ Twelfth, a premier office campus located in Bellevue, Wash., in 
partnership with an affiliate of Beacon Capital Partners, a leading office 
investment manager.

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Acquired in December 2016, the property had been held entirely on Gemini 
Rosemont's balance sheet pending the completion of a capital improvement and 
leasing plan that was largely completed in 2019.

"We successfully implemented our strategy of completing several key capital 
improvement projects that helped us recast One Twelfth's rent roll," said Ian 
Brownlow, chief executive officer of Gemini Rosemont. "We attracted several top 
tier and credit tenants, including one of the world's largest technology firms 
which will ultimately occupy approximately one-third of the campus. From the 
onset, we had planned on bringing in a capital partner when appropriate, and 
now was the right time to do so. The significant liquidity provided to Gemini 
Rosemont through this transaction will be used to acquire additional Class A 
assets in coastal and tech-centric markets in keeping with our acquisition 

The One Twelfth campus is a comprised of three six-story buildings totaling 
480,187 square feet. The Class A, LEED Gold certified buildings are located 
just off the I-405 corridor, in downtown Bellevue, with over 500,000 square 
feet of retail amenities within walking distance. 

"In late December 2019, our new partner acquired an 80 percent interest in the 
joint venture formed to hold the asset," said Jon Dishell, chief capital 
officer for Gemini Rosemont. "Beacon shares our vision for the asset, and we 
are looking forward to both working together to continue to increase One 
Twelfth's value, as well as to pursuing other opportunities together."

As a part of the transaction, the partnership financed the property with a 
five-year loan of $204 million from MetLife Investment Management. The floating 
rate loan includes a $19 million facility for future leasing costs and capital 

Gemini Rosemont has an existing portfolio totaling approximately eight million 
square feet with a gross asset value of approximately $1.6 billion. For more 
information, please visit

SOURCE: Gemini Rosemont Commercial Real Estate

CONTACT: Jeanne Hasenmiller, +1 (602) 714-9338,