PLAZA YARROW BAY TRADES FOR $100 MILLION

by admin

KIRKLAND, WASH. — Los Angeles-based REIT Kilroy Realty Corp. has purchased the Plaza Yarrow Bay office campus from Seattle-based HAL Real Estate Investments. According to local reports, the property traded for approximately $100 million.

Plaza Yarrow Bay is located along Points Drive in Kirkland, within the Puget Sound Technology Corridor. Constructed in 1993, the property consists of four buildings containing approximately 280,000 square feet of space. Amenities include a fitness center, a conference center and Poppinjay's Café at Plaza Yarrow Bay. The campus is surrounded by the 52-acre Yarrow Bay Wetlands. According to the website for Kidder Mathews, which leases the property, Plaza Yarrow Bay is currently 86 percent leased. However, local reports put that number at 92 percent.

Reports indicate that Kilroy assumed $30 million in mortgage debt as part of the transaction. The REIT owns another property in the state, the 122,103-square-foot Overlake Office Center, which is located in Redmond. The REIT controls approximately 25.7 million square feet of office and industrial space, the vast majority of which is located in California.

— Coleman Wood

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