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Plaza at Yarrow Bay for Sale; Real Estate Community Awaits Outcome

KIRKLAND, WA-With the face of the Eastside office space darkening under the shadows of a dot-com plague and the slowing economy, many are watching the listing of this prime property to see what the current market will bear.

By Janet Parker | Updated on February 12, 2001

KIRKLAND, WA-The Plaza at Yarrow Bay, a property of HAL Real Estate Investments Inc., has been placed on the sales block. Considered a premier office complex of the Eastside sub-market, all real estate eyes are watching to see what kind of price the property fetches. With the office market here wobbling, this sale will test the waters for the rest of the real estate community.

The Class A complex consists of four separate buildings ranging from two to five stories, with a total of 275,000 sf. The addresses are 10210, 10220 and 10230 NE Points Dr., and 3933 Lake Washington Blvd.

According to a Grubb & Ellis market report for year-end 2000, the Kirkland vacancy rate was the tightest in all the Eastside sub-market a 0.2%. The average rate for the entirety of Eastside cities was 2.3% and was beginning to show signs of its vulnerability to problems in the high-tech sector. In the fourth quarter, sublease space jumped from 63,253 sf to 445,915 sf. The highest rate was Bothell/Woodinville at 4.4%, while the Bellevue CBD was marked at 2.6%.

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