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Clarion Partners Sells the Lake Washington Park Office Building in Kirkland for $53MM

By Jack Stubbs

New York-based Clarion Partners has been active in the Puget Sound region over the last several months, acquiring several office and industrial properties, and the company recently sold one of its assets located in Kirkland. On Monday, March 18th, the Lake Washington Park office building sold for $53 million, or approximately $756 per square foot, according to King County records.

In another disposition, in mid-November 2018, Clarion sold a 88,470 square foot industrial/warehouse building in Tukwila for $53.5 million, or approximately $604 per square foot, to DCCO Tukwila LLC. 

Clarion Partners—who in mid-September 2018 acquired the property for $39.25 million, or approximately $560 per square foot, from the Townsend Group—this time sold the property to Kirkland-based Monolithic Power Systems Inc. (MPS), a company that creates technology for telecom infrastructures and cloud computing. 

The three-story property, located at 5808 Lake Washington Blvd NE, is a Class A property that totals 70,019 square feet and was built in 1986. According to Google Maps, current tenants in the building include internet marketing service Donuts Inc. and Enom. 

Broderick Group, who is listed as the broker for the property on commercialcafe.com, did not respond to emailed requests for comment about the recent transaction in time for the publishing of this story. According to the web site, there are approximately 65,000 square feet available for lease in the building across three floors. 

Located in the Lakeview neighborhood of Kirkland, the asset is approximately one mile south of downtown Kirkland and roughly four miles north of Bellevue. Additionally, the property sits adjacent to Lake Washington Blvd NE and is about two miles from access to Interstate-405.

As a leading international semiconductor company, MPS looks to create cutting-edge solutions to improve quality of life with green, easy-to-use products, according to the company’s web site. 

Over the last couple of quarters, Clarion Partners has spent nearly $200 million on two properties in Kirkland and Seattle alone. In November 2018, the company acquired the the four-building Plaza Yarrow Bay office property located at 3933 Lake Washington Blvd. NE in Kirkland for $134.5 million, or approximately $480 per square foot, from Los Angeles-based Kilroy Realty. 

In December 2018, Clarion purchased the 74,853 square foot 500 Yale Avenue North office building in Seattle’s ever-active South Lake Union neighborhood for $52.3 million, or close to $699 per square foot, from Seattle-based Urban Renaissance Group and its capital source from Chile.