American Realty Advisors Sells Suburban Seattle Office Asset

The Class A property in Kirkland, Wash., traded for $45 million.
Waterfront Place at Yarrow Bay

American Realty Advisors has sold Waterfront Place at Yarrow Bay, a 54,747-square-foot office property in the Seattle suburb of Kirkland, Wash., for $45 million. Documents filed with King County indicate the buyer is Progeny 3. The asset last changed hands in August 2014 for $31.4 million, according to CommercialEdge data. 

Located at 5209 Lake Washington Blvd. NE, the three-story Class A building opened in 2008 and is home to a mix of tenants including Bluetooth SIG, MacroHealth and TriStar Finance. Waterfront Place has 25,000-square-foot floorplates, an on-site conference center and access to Lake Washington’s waterfront. Parking is available outside and underneath the building at a ratio of 3.4 spaces per 1,000 square feet.

The property, just south of the mixed-use Carillon Point development, is less than 10 miles northeast of downtown Seattle. The asset is 3 miles north of Vulcan Real Estate’s 555 Tower and West Main, two Amazon-leased projects totaling 2 million square feet in nearby Bellevue.