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News release

SEATTLE, WA

Office Investors Seek Out Value Plays in Seattle’s Niche Suburbs

‘Jewel Box’ Office Building Attracts Strong Investor Interest


SEATTLE, August 21, 2014 – As Puget Sound’s economic engine continues to power Seattle to be among the top growth markets in the country, real estate investors are spreading their nets wider outside the city’s core in search of assets.  Among the hot new niche suburban markets are Kirkland, 520 Corridor and I-90.
Earlier this week, JLL capital markets experts Stuart Williams, Lori Hill, Ann Chamberlin and David Otis, completed the speedy marketing and $31,455,000 sale of Waterfront Place on Yarrow Bay, a 52,091 square foot Class A office building at 5207 Lake Washington Boulevard in Kirkland, Washington.

“Assets like Waterfront Place are ideally positioned because the market is demanding investment opportunities in the Puget Sound. At $604 per square foot, this is the highest per square foot sale on the Eastside this year and the second highest price per square foot sale ever for an Eastside office asset. With the supply shortage we should continue to see solid performances with quality assets like Waterfront Place,” said Stuart Williams, managing director.
The buyer was American Realty Advisors. The seller was Talon Private Capital, a Seattle-based, privately-held real estate investment firm with deep experience in acquisition, disposition and investment management across a broad range of property types and within multiple U.S. markets.

Kirkland has a low overall vacancy rate of 11 percent across all office product but the vacancy rate among competing buildings in Kirkland’s ‘Gold Coast’ is just four percent.

“Through careful stewardship, the seller had successfully positioned Waterfront Place for long term success,” said Lori Hill, JLL managing director.  “As a result, the property attracted a great deal of investor interest culminating in a transaction that met the goals of both the buyer and the seller.”  

Built in 2008 and currently 100% percent leased, the three-story, “jewel-box” building has views of Lake Washington, downtown Seattle and the Olympic Mountains.

For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: http://bit.ly/18P2tkv

About JLL
JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual fee revenue of $4.0 billion and gross revenue of $4.5 billion, JLL has more than 200 corporate offices, operates in 75 countries and has a global workforce of approximately 53,000.  On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3.0 billion square feet, or 280.0 million square meters, and completed $99.0 billion in sales, acquisitions and finance transactions in 2013. Its investment management business, LaSalle Investment Management, has $50.0 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.