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May 28, 2020
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WA Office Asset Trades in $134 Mil Deal


Clarion Partners purchased Plaza Yarrow Bay, a four-building, 284.3k sf office campus in Kirkland, WA. The multi-tenant asset, located at 10220 NE Points Drive, 10230 NE Points Drive, 10210 NE Points Drive and 3933 Lake Washington Blvd, was sold by Kilroy Realty for $134.5 mil ($473/sf).

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.

NKF 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 Kilroy in the transaction. Executive Managing Directors Tim O’Keefe and Mike Schreck led the market leasing efforts.

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.

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