Bluetooth’s Home in Kirkland Acquired in $30M Deal
- Aug 23, 2014
By Alex Girda, Associate Editor
The building that houses Bluetooth’s current headquarters was sold this week in a deal worth approximately $31.5 million. Buyer American Realty Advisors out of Glendale, Calif., paid the purchase fee to former owner Talon Private Capital for the Kirkland office building. Known as Waterfront Place, the property claimed a record-breaking per-square-foot price for the area, with the Puget Sound Business Journal reporting a rate of $604 per square foot.
Waterfront Place offers a total of 51,841 square feet of space over three stories plus two floors of below-grade parking. The asset was completed back in 2008, and approximately a third of the space is currently leased out to global wireless company Bluetooth. The building features brick veneer cladding with metal and wood accent panels on the exterior, while the interior offers tenants Class A finishes. The midsize office building also offers HVAC, two high-speed hydraulic elevators, a security card system at the entrances as well as the garage, and smoke and heat detectors. Offices have a 12-foot-six-inch ceiling height; a recent building improvement is the addition of a large private outdoor plaza and exterior deck on the third floor.
Located on the shore of Lake Washington, the property charges a per-square-foot rate of approximately $40, which is considerably higher than the Kirkland average, which currently stands at around $35 per square foot. Seller Talon Private Capital recorded a profit of $10 million compared to four years ago, when the company acquired Waterfront Place for $21.5 million.
Image courtesy of waterfrontplaceyb.com