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Kilroy Realty Spends $133 Mil on Two Blocks in Downtown Seattle

12/20/19

Kilroy Realty paid $133 mil for a 59.4k sf land assemblage of two of the most sought after blocks in the heart of downtown Seattle for future development. The site currently includes surface parking; a seven-story parking garage; an entire block bank branch and the vintage 10-story Lloyd Building. The sale price was based on the existing improvements as well as land development market value.

Located at 1825 7th Ave, 603 Stewart Street SE, 1818 6th Ave, and 500 and 600 Olive Way, the site is just blocks from the corporate headquarters of Amazon and Nordstrom, the iconic Pike Place Market and the expanding Washington State Convention Center. It is also adjacent to Seattle’s retail core anchored by the newly renovated Pacific Place.

The site is extremely well positioned within the Retail Core/Denny Triangle/South Lake Union submarkets with access to all aspects of public transportation. These areas have grown to become a premier destination for tech, biotech, education and creative firms that include Facebook, HBO, Zillow, Google, Redfin and Kaiser Permanente, among many others.

NKF’s Co-Head of U.S. Capital Markets Kevin Shannon, Executive Managing Director Ken White and Senior Managing Director Michael Moll, as well as local NKF market experts Tim O’Keefe, Paul Sleeth, Billy Sleeth, Jesse Ottele, Erika Koehler and Anne Marie Koehler, represented the seller, Vance Corporation. Kilroy Realty was self-represented.

“The site provides Kilroy Realty with the ability to execute a unique generational development opportunity that is capable of 2.52 msf of residential, office, hotel and retail space,” said White. “This is an extremely rare opportunity to create a new urban center in one of the nation’s top coastal downtown environments.”






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