September 25, 2019
Bellevue, WA-based Pine Forest Properties acquired Crown Pointe, a four-building, 131,053-square-foot office park in Kirkland, WA, from TA Realty, LLC for nearly $48 million. The Class A asset is located at 4010-4040 Lake Washington Blvd. NE.
Crown Pointe’s easy access Eastside location is near new light rail stations. Assets within the greater 520 Corridor will remain highly sought-after for employers seeking a centralized location for employee recruitment, retention, as well as for clients.
NKF’s Joe Lynch and Dan Harden, along with Kidder Mathews’ Andy Miller, represented the Boston-based seller.
Lynch says, “The 520 Corridor is one of the most dynamic Eastside submarkets, with 22.4% rent growth over the past 18 months.” He points out vacancy is 2.97% and recent lease or expansion commitments from Facebook (Spring District), Google (Kirkland Urban), Amazon (Bellevue CBD) and Facebook Technologies (Willows Road) “are driving market rents higher and creating tremendous demand for suburban investment opportunities.”
For comments, questions or concerns, please contact Dennis Kaiser