Kilroy Pays $330M to Expand Its Seattle Area Portfolio

Kilroy Realty Corp. purchased two office properties in the Lake Union submarket of Seattle and plans to acquire a third property in Bellevue, Wash. in the third quarter, for a total purchase price of approximately $330 million. The properties total 837,000 sq. ft. of space.

The Lake Union acquisitions include Fremont Lake Union Center and Fremont Lake View, a three-building, 420,000-sq.-ft. office campus located at 701, 801 and 837 N. 34th Street. Kilroy will pay $145 million for the properties, representing a significant discount to replacement cost. It will assume approximately $34 million in debt as part of the acquisition.

The campus is 100 percent leased to tenants including Adobe Inc., Tableau Software and Ubermind. In Bellevue, Kilroy is in escrow to acquire Skyline Tower, a 417,000-sq.-ft. class-A office building for $186 million. It will assume an $84 million in-place loan as part of the transaction.

The LEED Silver-certified property is currently 92 percent leased. Tenants include Expedia and Valve Corp.

TAGS: News Office
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