Newmark has announced the sale of Plaza Yarrow Bay consisting of four multi-tenant buildings totaling 284,313 square feet of office space. The institutional quality asset is located at 10220 NE Points Drive, 10230 NE Points Drive, 10210 NE Points Drive and 3933 Lake Washington Blvd in Kirkland, WA.
Newmark Co-Head of US Capital Markets Kevin Shannon, Vice Chairman Nick Kucha, Executive Managing Director Ken White, Senior Managing Director Michael Moll, and Director Bill DeLacy represented the seller Kilroy Realty in the $134.5 million transaction to the buyer. Executive Managing Directors Tim O’Keefe and Mike Schreck led the market leasing efforts.
Plaza Yarrow Bay features a lush campus setting with walking trails and outside decks positioned at the gateway to Seattle’s Eastside. The campus offers immediate access to SR 520 and I-405, providing connectivity to Bellevue, Kirkland, Redmond and Seattle. Among tenants at Plaza Yarrow Bay are two Microsoft business partners, INRIX and Allyis, who value the campus’ close proximity to Microsoft’s Redmond headquarters.
Shannon noted, “Plaza Yarrow Bay is one of the premier office assets in Kirkland and sits at the gateway to Seattle’s Eastside with immediate access to four major hubs.”
Kucha added, “Kirkland is a highly desirable submarket with strong office leasing fundamentals. Historically the market has experienced very little sales volume making Plaza Yarrow Bay a compelling opportunity to acquire scale.”
“The Eastside of Seattle has experienced a healthy increase in suburban sales volume that can largely be attributed to the market’s incredible leasing performance and attractive relative returns compared to Downtown Seattle investment opportunities,” noted Moll.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 16,000 professionals operate from approximately 430 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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