Seattle-Area Class A Office Asset Trades for $15M

By Beata Lorincz

11411 NE 124th St. in Kirkland, Wash.

PJP Group LLC has purchased a fully leased Class A office building in Kirkland, Wash. Claddagh Ventures LLC sold the property for $14.8 million, in a 1031 exchange deal. NAI Hunneman, in a collaboration with NAI Puget Sound Properties, represented the seller and procured the buyer.

The property at 11411 N.E. 124th St. is part of the Kirkland 405 Corporate Center, which is 100 percent occupied. The campus is situated in the Totem Lake neighborhood and offers easy access to Interstate 405, while being surrounded by various retail centers. The 41,405-square-foot building encompasses two levels of office space and one story of covered parking. On-site amenities include a fitness center, conference room and storage areas, as well as new HVAC system and controls.

Executive Vice President Robert Tito of NAI Hunneman worked together on the seller’s end with Partner Wyk Parker of NAI Puget Sound, while CBRE’s Zac Snedeker brokered the deal on behalf of the buyer.

“Using the power of our NAI network, we were able to work together garnering maximum exposure and were able to achieve a record price per square in the Greater Seattle office submarket,” said Tito, in prepared remarks. “While there was an abundance of interest, we were able to identify a 1031 exchange buyer who pre-empted the marketing process by submitting an aggressive offer in terms of price and terms.”

Image via Google Street View