{"id":1004551074,"date":"2021-09-21T01:13:00","date_gmt":"2021-09-21T09:13:00","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004551074"},"modified":"2022-12-09T02:17:24","modified_gmt":"2022-12-09T10:17:24","slug":"kilroy-pays-490m-for-amazon-anchored-tower","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/kilroy-pays-490m-for-amazon-anchored-tower\/","title":{"rendered":"Kilroy Pays $490M for Amazon-Anchored Tower"},"content":{"rendered":"
\"\"<\/a>

West 8th<\/p><\/div>\n

Kilroy Realty Corp. has paid $490 million for the acquisition of West 8th, a LEED Platinum certified office tower totaling 539,000 square feet in Seattle. The Amazon-anchored high-rise was fully leased at the time of the sale.<\/p>\n

The seller, DWS Group, formerly Deutsche Asset Management, acquired the property in 2016 for $370 million, CommercialEdge data shows.<\/p>\n

The 28-story office complex rises at 2001 Eighth Ave., within the Denny Triangle submarket. The Class A+ office tower was built in 2009 and includes a retail component. The property features an average floorplate size of 20,000 square feet, 13-foot ceiling heights and provides fitness and conference centers, a cafe and several restaurants.<\/p>\n

\n

READ ALSO:<\/strong> American Assets Trust Expands in Seattle With $84M Buy<\/a><\/p>\n

\n

In addition to its LEED designation, the multi-tenant asset also achieved a two-star Fitwell, as well as Energy Star certification.<\/p>\n

Amazon moved into the building nearly a decade ago and is currently leasing approximately 70 percent of the property, with its lease set to expire in April 2023. The tenant roster also includes Casey Family Programs, Bright Horizons and Seattle Children’s Research Institute, among others, CommercialEdge data shows.<\/p>\n

Adjacent to Amazon\u2019s corporate offices, West 8th is roughly a mile north of downtown Seattle, with major street exposure to Westlake Avenue. The office tower is also less than a mile from the Space Needle.<\/p>\n

Earlier deals<\/h2>\n

While the current acquisition brings Kilroy\u2019s greater Seattle area footprint just shy of three million square feet, the REIT is also expanding in Texas. In June, Kilroy spent $580 million<\/a> to purchase Austin\u2019s tallest office high-rise, Indeed Tower, which recently received LEED v4 Platinum certification.<\/p>\n

In March, the disposition of The Exchange on 16th<\/a>, a 750,000-square-foot office property in San Francisco, brought approximately $1 billion to the REIT. KKR purchased the asset that was fully leased at the time of the sale.<\/p>\n

The company is also branching out into one of the most highly sought-after commercial real estate sectors right now, life sciences. In June, Kilroy broke ground on Gravitate, the second phase of its $940 million megaproject<\/a>, Kilroy Oyster Point, totaling 3 million square feet in San Francisco.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Seattle property is fully leased and last traded in 2016.<\/p>\n","protected":false},"author":1763,"featured_media":1004551078,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21783,21742,21747,15],"tags":[37482,43859,35262],"class_list":["post-1004551074","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-investment","category-latest","category-office","category-west","tag-amazon","tag-dws-group","tag-kilroy-realty-corp"],"acf":[],"yoast_head":"\nKilroy Pays $490M for Amazon-Anchored Tower - 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\/kilroy-pays-490m-for-amazon-anchored-tower\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Kilroy Pays $490M for Amazon-Anchored Tower\" \/>\n<meta property=\"og:description\" content=\"The Seattle property is fully leased and last traded in 2016.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/kilroy-pays-490m-for-amazon-anchored-tower\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2021-09-21T09:13:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T10:17:24+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/09\/West-8th-Featured-e1632220640994.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"640\" \/>\n\t<meta property=\"og:image:height\" content=\"480\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Agota Felhazi\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/kilroy-pays-490m-for-amazon-anchored-tower\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/kilroy-pays-490m-for-amazon-anchored-tower\/\",\"name\":\"Kilroy Pays $490M for Amazon-Anchored Tower - 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