For Immediate Release
Bayspring leading major capital improvement program on Class A asset in Belltown
Cushman & Wakefield hired to lead leasing for medical and office space
SEATTLE, Wash. – April 7, 2025 – Bayspring Real Estate Partners (“Bayspring”) has been selected by Värde Partners (“Värde”) as its asset manager and operating partner for Bay Vista Office Tower in Seattle. Located at 2815 2nd Avenue, Bay Vista Office Tower is the commercial and medical office component of a 22-story mixed-use tower in Seattle’s vibrant Belltown neighborhood.
Bryce Holman, Partner, Bayspring Real Estate Partners, said, “We are excited to partner with Värde on this quality asset and apply our hands-on approach to asset management and operations. It’s refreshing to be partnering with an owner that is investing heavily in their office buildings to create a compelling offering for tenants. Bay Vista presents an opportunity to unlock value through strategic leasing, operational improvements, and market repositioning.”
Bayspring is spearheading a comprehensive capital improvement program designed to enhance common areas, deliver move-in-ready spec suites, and implement a market-leading tenant improvement allowance program—ensuring flexibility and value for incoming tenants.
Bayspring has also hired a top team of local commercial brokers to handle leasing efforts for the high-rise, consisting of Brandon Burmeister, Leah Masson, and Ellen Akopyan of Cushman & Wakefield for the medical office and office space. Tom Graff of Ewing & Clark will handle the retail.
“Bay Vista is well-positioned to attract top-tier office and medical tenants with enhanced amenities, great views of Elliott Bay and flexible suite options for tenants of all sizes,” said Brandon Burmeister, Senior Director.
“The office market is on the rise, fueled by companies returning to the office. Seattle remains one of the most desirable cities for innovative companies and talent,” continued Leah Masson, Senior Director.
With over 120,000 square feet of premium space, Bay Vista provides modern workspaces and premium on-site amenities in a dynamic and well-connected environment. The property’s location in the heart of Belltown offers an exceptional office experience in one of Seattle’s most walkable neighborhoods, with quick access to dining, shopping, public transportation, and other key amenities.
Photo Link: Bay Vista Office Tower.jpg (photo source: CoStar)
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in nearly 400 offices and 60 countries. In 2024, the firm reported revenue of $9.4 billion across its core service lines of Services, Leasing, Capital markets, and Valuation and other. Built around the belief that Better never settles, the firm receives numerous industry and business accolades for its award-winning culture. For additional information, visit www.cushmanwakefield.com.
About Bayspring
Bayspring Real Estate Partners is a privately held real estate investment and asset management firm specializing in value-add and development strategies across commercial and residential properties. With expertise in entitlements, leasing, and strategic repositioning, Bayspring works closely with institutional investors, lenders, and property owners to unlock value in complex real estate situations. The firm focuses on West Coast markets, leveraging deep local knowledge and operational experience to drive performance and deliver results.
About Värde Partners
Värde Partners is a leading global investment firm specializing in credit and credit-related assets. Founded in 1993, the firm has invested more than $100 billion across the credit quality and liquidity spectrum and currently manages $17 billion in assets. With local investment teams and partnerships in North America, Europe and Asia Pacific, Värde invests across private and public markets with a focus on real estate, asset-based finance and corporate credit. For more information, please visit www.varde.com.
Media Contact:
Joshua Deale
Cushman & Wakefield
Communications Manager, West Region
+1 415 677 0423
joshua.deale@cushwake.com
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