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Office Buyers Respond to Hot Tech Market

Seattle’s Eastside has experienced a healthy increase in sales volume that can largely be attributed to the market’s leasing performance and attractive returns compared to downtown Seattle investment opportunities.

Plaza Yarrow Bay The four multi-tenant buildings at Plaza Yarrow Bay total 284,313 square feet.

KIRKLAND, WA—The local economy continues to run hot mainly due to technology jobs, with year-over-year nonfarm payroll increasing at 3.9%, the fastest growth rate since the turn of the century. The Seattle-Tacoma-Bellevue metro statistical area had an unemployment rate of 3.9% in July, in line with the all-time high of the national rate.

In keeping with this hot trajectory, office buildings are flying off the shelves in key areas of the metro. A recent example are the four multi-tenant office buildings at Plaza Yarrow Bay totaling 284,313 square feet which sold for $134.5 million. The buyer was undisclosed and the seller was Kilroy Realty.

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Lisa Brown

Lisa Brown

Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.

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