BELLEVUE, WA-Kilroy Realty Corp. of Los Angeles has acquired the 488,000-square-foot Key Center office project, an 88%-occupied property on a long-term ground lease, for $215 million. The L.A.-based REIT did not name the seller, but other sources said it was Boston-based Beacon Capital Partners.

The Key Center, at 601 108th Ave. NE, is a 22-story tower that was completed in 2001 and was LEED Gold certified in 2009. Rents at the building range from $24 to $29.85 per square foot per month, NNN, according to a Beacon Capital brochure, which projected 2011 operating expenses at $9.65 per rentable square foot. Major tenants include Keybank, InfoSpace, FM Global, Merrill Lynch and UBS Financial.

The project includes six levels of underground parking with nearly 800 spaces. Building amentities include an ATM, a Starbucks, a full service bank other service retail shops, outdoor plazas and atriums for meetings. In addition, it is near fitness, child care and other facilities.