{"id":1004179430,"date":"2017-06-07T01:25:10","date_gmt":"2017-06-07T09:25:10","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004179430"},"modified":"2022-12-07T20:29:28","modified_gmt":"2022-12-08T04:29:28","slug":"kennedy-wilson-snags-bellevue-area-office-campus-for-153m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/kennedy-wilson-snags-bellevue-area-office-campus-for-153m\/","title":{"rendered":"Kennedy Wilson Buys Big in Seattle"},"content":{"rendered":"<p><em>By Keith Loria, Contributing Editor<\/em><\/p>\n<div id=\"attachment_1004179449\" style=\"width: 397px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/kennedy.jpg\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004179449\" data-attachment-id=\"1004179449\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/kennedy-wilson-snags-bellevue-area-office-campus-for-153m\/kennedy\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/kennedy.jpg\" data-orig-size=\"800,608\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"kennedy\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/kennedy.jpg?w=800\" class=\"wp-image-1004179449 \" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/kennedy.jpg\" alt=\"90 East\" width=\"387\" height=\"294\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/kennedy.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/kennedy.jpg?resize=300,228 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/kennedy.jpg?resize=768,584 768w\" sizes=\"auto, (max-width: 387px) 100vw, 387px\" \/><\/a><p id=\"caption-attachment-1004179449\" class=\"wp-caption-text\">90 East<\/p><\/div>\n<p>Kennedy Wilson\u00a0has acquired 90 East, a 573,000-square-foot office campus in Issaquah, Wash., for $153 million in an off-market transaction from Talon Private Capital and\u00a0Cerberus Capital Management. To pay for the transaction, the company invested $76 million of equity and secured a 10-year interest-only loan for $77 million at a fixed-rate of 3.85 percent.<\/p>\n<p><em>\u201cWe are pleased to expand our presence in Washington by acquiring this <a href=\"https:\/\/www.commercialsearch.com\/news\/kennedy-wilson-fund-grabs-144m-glendale-office-campus\/\">high-quality office<\/a> asset below replacement cost in an excellent submarket,\u201d <\/em>Matt Windisch, Kennedy Wilson\u2019s executive vice president, said in a prepared release.<em> \u201cWith two investment grade companies fully occupying the building, 90 East offers a strong initial cash flow yield and the potential to earn attractive long-term risk adjusted returns for the company.\u201d<\/em><\/p>\n<p>Constructed between 1999 and 2001, 90 East\u00a0consists of three Class A office buildings situated on a 20-acre site in the greater Bellevue area. The property is currently 100 percent leased to Microsoft and Costco with a weighted-average lease term of 5.3 years.<\/p>\n<p>Over the last year, 90 East has produced roughly $13 million in net operating income.<\/p>\n<p>The campus is located nearby numerous Fortune 500 companies, such as Amazon, Starbucks, Nordstrom, and Expedia, and is just 10 miles from the thriving downtown Bellevue.<\/p>\n<p>With the deal, Kennedy Wilson now has ownership interest in 1.4 million square feet of office space in the state of Washington, and an additional 10,430 multifamily units.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Constructed between 1999 and 2001, 90 East consists of three Class A buildings situated on a 20-acre site in the greater Bellevue area. The property is currently 100 percent leased.<\/p>\n","protected":false},"author":451,"featured_media":1004179449,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21825,21783,21742,21747,1610,15],"tags":[35994,33647,33237,33790],"class_list":["post-1004179430","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-finance","category-investment","category-latest","category-office","category-seattle","category-west","tag-bellevue","tag-cerberus-capital-management","tag-kennedy-wilson","tag-talon-private-capital"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Kennedy Wilson Buys Big in Seattle - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/kennedy-wilson-snags-bellevue-area-office-campus-for-153m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Kennedy Wilson Buys Big in Seattle\" \/>\n<meta property=\"og:description\" content=\"Constructed between 1999 and 2001, 90 East consists of three Class A buildings situated on a 20-acre site in the greater Bellevue area. 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