Newmark Knight Frank Advises on $47,750,000 Sale of Crown Pointe in Kirkland, WA
Kirkland, WA (September 19th, 2019) – Newmark Knight Frank (NKF) has advised on the $47,750,000 (just over $364 per square foot) sale of Crown Pointe, a Class A, four-building, 131,053-square- foot office park located at 4010-4040 Lake Washington Blvd NE, Kirkland, Washington.
The seller is TA Realty, LLC, and they were represented in the transaction by NKF Executive Managing Director Joe Lynch, Senior Managing Director Dan Harden and Senior Vice President Andy Miller of Kidder Mathews. The property was purchased by Pine Forest Properties, a locally owned company associated with the Burnstead family. Pine Forest Properties develops, acquires, manages and leases high quality office, industrial and multi-family buildings located primarily in the Pacific Northwest.
With immediate access to all major thoroughfares, Crown Pointe is among the most accessible office parks on the Eastside. Coupled with the introduction of nearby light rail stations, Crown Pointe and the greater 520 Corridor will remain a highly sought after location for employers seeking a centralized location for employee recruitment, retention, as well as clientele.
“The 520 Corridor is one of the most dynamic Eastside submarkets with 22.4% rent growth over the past 18 months. Vacancy, including Microsoft, is 2.97% with overall Eastside vacancy at 4.38%. Recent lease or expansion commitments from Facebook (Spring District), Google (Kirkland Urban), Amazon (Bellevue CBD) and Facebook Technologies (Willows Road) are driving market rents higher and creating tremendous demand for suburban investment opportunities,” said Joe Lynch.
About Newmark Knight Frank
Newmark Knight Frank (“NKF”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, NKF’s 16,000 professionals operate from approximately 430 offices on six continents. NKF’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.