Clarion Partners Completes $135M Seattle Office Purchase

Kilroy Realty sold the property seven years after acquiring it from HAL Real Estate for more than $100 million.
Plaza Yarrow Bay

Clarion Partners has purchased Plaza Yarrow Bay, a 279,924-square-foot Class A office asset near Seattle, for $134.5 million, according to Yardi Matrix. The seller, Kilroy Realty, had acquired the property from HAL Real Estate in April 2011 for $100.3 million.

Located at 3933 Lake Washington Blvd. N.E. and 10210, 10220 and 10230 N.E. Points Drive in Kirkland, Wash., the property’s four structures are positioned west of Interstate 405, just north of Washington Route 520, 9 miles from downtown Seattle. Just shy of 2 million square feet of office space—most of it Class B—is located within a mile of the asset.

The buildings, completed in phases in 1988, 1990 and 1993, are 16.8 percent vacant, home to a mix of tenants including INRIX, Allyis, Wells Fargo, Kilroy Realty and Umpqua Bank. Tenant amenities include a fitness center and nearly 1,000 parking spaces, with the property also including 1,400 square feet of retail, partially occupied by a Poppinjay’s restaurant. Kilroy Realty completed significant updates to the asset in 2014, per Yardi Matrix data.

In October, Transwestern sold a 100,000-square-foot office building in Redmond, 5 miles east, for nearly $38 million.

Image courtesy of Yardi Matrix