KKR Enters Seattle Market With Acquisition of 1.4 MSF Office Portfolio for $1.2B

by Amy Works

SEATTLE AND BELLEVUE, WASH. — KKR, a global investment firm, has closed on two real estate transactions totaling more than $1.2 billion. The firm purchased Summit in downtown Bellevue and F5 Tower in downtown Seattle, both office assets.

Located in Bellevue’s central business district, Summit features 915,000 square feet of Class A office space. The complex is 99 percent leased and comprises two existing LEED Platinum office buildings and a third building that is currently under construction, with completion slated for third-quarter 2020.

Recently completed, F5 Tower is a 43-story office tower in Seattle’s central business district. The property includes a fully leased, 516,000-square-foot office condominium acquired by KKR alongside a separate 189-room luxury hotel. The building is architecturally significant to the Seattle skyline and home to F5 Networks as its global headquarters.

Urban Renaissance Group, a Seattle-based real estate investor, developer and manager of real estate, will operate the properties. The company also assisted with the acquisition. These investments are being funded by accounts co-advised by KKR and KKR’s balance sheet. The names of the sellers were not released.

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