Kennedy Wilson Snags 292 KSF Seattle Business Campus
- May 21, 2018
A closed-end fund managed by Kennedy Wilson has purchased Redmond East Business Campus, a 292,100-square-foot office and flex property in Redmond, Wash. CBRE Capital Markets arranged the sale and $34.5 million in balance sheet bank acquisition financing. The seven-year, non-recourse, full-term interest only, floating-rate loan has a competitive spread priced over 30-day LIBOR.
The eight-building property is located at 6724-6565 185th Ave. N.E. and 18578-18640 N.E. 67th Court, a six-minute drive southeast of downtown Redmond. The campus is part of a larger, expanding business area, which also includes a retail component. Redmond East Business Campus is currently 98 percent leased to nine tenants.
Senior Vice Presidents Tom Pehl and Lou Senini of CBRE’s Seattle office represented the seller, while Executive Vice President Brad Zampa, Senior Vice President Mike Walker and Vice President Megan Woodring of the San Francisco office arranged the financing for the buyer.
“The Redmond office market is heavily influenced by the technology and the software industry with many high-growth firms clustering in this area, benefitting from a highly skilled labor force and access to regional transportation corridors,” Woodring told Commercial Property Executive. “Additionally, Redmond has an abundance of retail, dining, hospitality and living alternatives, and offers convenient access to the regional transportation corridors of I-405 and SR-520.”
Earlier this month, Kennedy Wilson CEO William McMorrow discussed the company’s 2018 investment strategy in an interview with Commercial Property Executive.
Images courtesy of CBRE