SEATTLE—“As Puget Sound's economic engine continues to power Seattle to be among the top growth markets in the country, real estate investors are spreading their nets wider outside the city's core in search of assets.” So says a recent report from JLL.
Among the hot new niche suburban markets are Kirkland, 520 Corridor and I-90. Just recently, JLL capital markets experts Stuart Williams, Lori Hill, Ann Chamberlin and David Otis, completed the speedy marketing and $31.4-million sale of Waterfront Place on Yarrow Bay, a 52,091-square-foot class A office building at 5207 Lake Washington Blvd. in Kirkland, WA.
“Assets like Waterfront Place are ideally positioned because the market is demanding investment opportunities in the Puget Sound. At $604 per square foot, this is the highest per square foot sale on the Eastside this year and the second highest price per square foot sale ever for an Eastside office asset,” says managing director Williams. “With the supply shortage we should continue to see solid performances with quality assets like Waterfront Place.”
The buyer was American Realty Advisors. The seller was Talon Private Capital, a Seattle-based, privately-held real estate investment firm with deep experience in acquisition, disposition and investment management across a broad range of property types and within multiple US markets.
As GlobeSt.com previously reporter, Talon purchased the property in 2010 and told GlobeSt.com at the time that is paid $21.51 million.
Kirkland has a low overall vacancy rate of 11% across all office product but the vacancy rate among competing buildings in Kirkland's 'Gold Coast' is just 4%. “Through careful stewardship, the seller had successfully positioned Waterfront Place for long term success,” says managing director Hill. “As a result, the property attracted a great deal of investor interest culminating in a transaction that met the goals of both the buyer and the seller.”
Built in 2008 and currently 100% percent leased, the three-story, “jewel-box” building has views of Lake Washington, downtown Seattle and the Olympic Mountains.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
