Kilroy Continues Washington State Spending Spree with Bellevue’s Skyline Tower
- Aug 06, 2012
Kilroy Realty Corp. is carrying on with its massive Northwestern assault in terms of spending. The well-known real estate investment trust recently announced the acquisition of a downtown Bellevue office tower known as Skyline Tower. The Los Angeles-based firm paid a reported $186.9 million to Skyline owner Beacon Capital Partners, a private real estate investment firm that specializes in high-quality office properties.
Kilroy recently announced that its value-add office building pursuit is going smoothly in the western part of the U.S. with the acquisition of not only Skyline Tower but also a San Francisco office development site. As part of the buy, KRC has assumed an in-place mortgage of approximately $84 million. According to information released by the company, the loan bears interest at a rate of 6.37% and matures on April 1, 2013.
Skyline Tower is a 24-story, Class A office property offering 417,000 square feet of space in one of Washington’s most coveted communities. The presence of Microsoft’s world HQ there has attracted a bevy of tech tenants to the area over the years, and Amazon.com’s more recent aggressive expansion plan in downtown Seattle has confirmed the tech sweet spot status that the city, along with its greater metropolitan area, possesses. The property is LEED Silver certified and benefits from a setting that offers close proximity to Bellevue’s growing retail and residential neighborhoods. It bears a 92 percent occupancy rate with gaming company Valve Corp. and tech firm Expedia being the most notable tenants.
Kilroy Realty Corp. is a member of the S&P Small Cap 600 Index, and is active in most major markets of the country’s West Coast. It currently owns and manages assets totaling more than 12 million square feet of commercial space and around 3.5 million square feet of rentable industrial space.
Image courtesy of skylinetowerbellevue.com