Los Angeles-based Kilroy Realty, which owned nothing in the Seattle market two years ago, is on its way to becoming one of the region's bigger office landlords.
Los Angeles-based Kilroy Realty, which owned nothing in the Seattle market two years ago, is on its way to becoming one of the region’s bigger office landlords.
The real-estate investment company announced this week it’s buying four buildings in Fremont and downtown Bellevue.
The acquisitions would double Kilroy’s Seattle-area holdings to 1.7 million square feet — more than the 76-story Columbia Center.
Kilroy paid Stockbridge Capital $39 million Friday for Lake View at Fremont, according to county records. It also said it paid Metzler North America $107 million for the neighboring, two-building Fremont Lake Union Center.
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The three buildings, which together have 420,000 square feet of office space, stretch between the Fremont and Aurora bridges south of North 34th Street.
Kilroy also said it has a contract to buy downtown Bellevue’s 24-story Skyline Tower, at 110th Avenue Northeast and Northeast Fourth Street, for $186 million.
Mike Shields, Kilroy’s Seattle-area senior vice president, said the sale should close next month. It would be King County’s second-largest real-estate transaction so far this year. Beacon Capital Partners of Boston is the current owner.
Kilroy sold its only property in the Seattle area in 2008, then re-entered the market in late 2010, buying Redmond’s Overlake Office Center. Last year, it purchased Kirkland’s Plaza at Yarrow Bay and downtown Bellevue’s 23-story Key Center.
Kilroy’s portfolio includes 15 million square feet of office and industrial buildings, mostly in California.
Eric Pryne: 206-464-2231 or email@example.com