[8] April 29, 2011
www.kirklandreporter.com
Sale of complex marks one of largest transactions in Kirkland’s history BY MATT PHELPS mphelps@kirklandreporter.com
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ne of the largest real estate sales in Kirkland’s history, Kilroy Realty purchased the Plaza at Yarrow Bay for $100.2 million on April 21. HAL Real Estate Investments of Seattle sold the four-building office complex at $363 per square foot after 10 years of ownership, according to King County tax records. The 276,000-squarefoot complex, which comprises four buildings ranging in height from three to five stories, was built in 1987 and expanded in 1994. It still has room for another 80,000 The Plaza at Yarrow Bay, pictured above and to the right, was sold by HAL Real Estate Investments square feet of developof Seattle April 21 to Kilroy Realty, a California based company, for $100.2 million. The real estate ment. transaction is one of the largest in the City of Kirkland’s history. The office complex, located near the Lake The site is primarily located at the intersecWashington Boulevard entrance to 520, includes four buildings and space for more development. MATT tion of Lake Washington PHELPS, Kirkland Reporter Boulevard N.E. and State Route 520, by the City Advaiya, Inrix, Ciber dated the lobby, cafe and Exchange. of Bellevue borand the University athletic facilities in the According to the der in the Lake of Washington’s complex, according to company’s Web site, it View neighborKIRKLAND Foster School of the Puget Sound Business has also made seven hood. BusiBusiness, among Journal. other major acquisitions ness occupants others. The buildLos Angeles- based recently, all in California. include Allyis, ings have a comKilroy, which is a real esKilroy owns 10.4 million Directors Mortgage bined vacancy rate of tate investment trust, is a square feet of office space Inc., Hodgson/Meybetween 8-14 percent. publicly traded company and 3.6 million square ers Creative Marketing, HAL recently upon the New York Stock feet of other real estate
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on the West Coast. The company also purchased the 122,000-square-foot Overlake Office Center in Redmond in October of 2010 for $46 million, which is primarily occupied by Microsoft Corp.
The sale of the Plaza at Yarrow Bay also ranks as the largest in King County this year. And there were only four real estate sales of more than $100 million last year in the county.
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