JLL Brings Kirkland 405 Corporate Center, Buildings A1 and A2 to Market
JLL has brought to market Kirkland 405 Corporate Center, Buildings A1 and A2 in one of the tightest submarkets on the Eastside
SEATTLE, September 19, 2018 – JLL announced plans today to bring Kirkland 405 Corporate Center, Buildings A1 and A2 to market on behalf of an institutional investor. Encompassing 130,390 rentable-square-feet of office space, the asset offers investors stable cash flow backed by investment grade credit.
The two 3-story corporate buildings are currently 98 percent leased. The project is located in Kirkland, one of the tightest submarkets on the Eastside, situated among a plethora of successful corporations such as Google, GoDaddy, Bluetooth and Nintendo. The location provides a unique collaborative community for some of the top technological minds to come together.
Kirkland’s vibrant downtown, upscale waterfront and strong amenity base have made it a premier place to attract talent. Office vacancy is currently just 5.9 percent and there is a severe lack of available large blocks of space. Rents in the market have increased 5.8 percent year-to-date, and should continue to rise significantly on account of unprecedented tenant demand.
“Due to the rapid growth happening in the suburban Eastside office market, Kirkland is a highly sought-after location among leading employers looking at the Pacific Northwest,” said Lori Hill, Managing Director with JLL. “Nearly at capacity, this opportunity offers investors stability as well as tremendous upside potential from below market rents.”
Tenants in the campus have access to an abundance of walkable amenities and recreational spaces, including the recently expanded and renovated Village at Totem Lake, four hotels within a half-mile radius, a brand new Whole Foods Market and Cycle Bar. Additionally, the location provides direct access to I-405, and is 8 miles from downtown Bellevue and 15 miles from downtown Seattle, providing a short commute for building tenants.