Developer Kilroy Realty Corporation (NYSE: KRC) has begun construction of 333 Dexter, an innovative urban office campus in Seattle’s rapidly evolving South Lake Union neighborhood.
333 Dexter will be delivered in mid-2019. The project is rising on the former site of KING-TV’s broadcast studios surrounded by rapidly-growing tech and ecommerce companies as well as major life science and research organizations such as the Bill & Melinda Gates Foundation.
“We are thrilled to be breaking ground on our first development in the Seattle market. Kilroy Realty is nationally recognized as a leader in providing dynamic workplace environments. 333 Dexter embodies our mission of creating places that support today’s modern workforce,” said John Kilroy, CEO & President of Kilroy Realty.
The project is comprised of two, 12 floor towers totaling 645,000 square feet, including ~13,000 square feet of retail space. 333 Dexter features a unique through-block design with almost 20,000 square feet of ground-floor, outdoor public space offering a vibrant streetscape and connectivity to South Lake Union’s Dexter corridor.
Among the market-leading amenities available to tenants at 333 Dexter:
- Seattle’s largest commuter bike lounge, a ground level, two-floor space with 327 bike racks, 128 bike lockers, 12 showers and a fix-it station
- The most private deck space for tenants of any new office building in Seattle, totaling over 24,000 square feet
- Three 62,000 square foot floorplates on the second, third and fourth floors
Seattle office leasing experts Lisa Stewart, Cleita Harvey and Joe Gowan of JLL will handle leasing.
“Upon completion, 333 Dexter will offer the largest newly constructed floorplates in Seattle in a highly flexible and efficient space planning environment as well as providing tenants with unparalleled amenities,” said Lisa Stewart, managing director, JLL.
Seattle is one of the most active office tenant markets in the country. According to JLL research, net absorption of office space reached 1.88M square feet in the first quarter of this year alone in the Puget Sound region. This will likely be the fifth consecutive year that Seattle’s office market has absorbed more than two million square feet of space, much of it in newly constructed Class A buildings. Overall office vacancy is at 8.5 percent, the lowest since the financial downturn.
About Kilroy Realty Corporation
Kilroy Realty Corporation (KRC), a publicly traded real estate investment trust and member of the S&P MidCap 400 Index, is one of the West Coast’s premier landlords. The company has over 70 years of experience developing, acquiring and managing office and mixed-use real estate assets. The company provides physical work environments that foster creativity and productivity and serves a broad roster of dynamic, innovation-driven tenants, including technology, entertainment, digital media and health care companies.
At March 31, 2017, the company’s stabilized portfolio totaled approximately 14.4 million square feet of office space and 200 residential units located in the coastal regions of Los Angeles, Orange County, San Diego, the San Francisco Bay Area and Greater Seattle. In addition, KRC had two office projects totaling approximately 1.2 million square feet, 237 residential units and 96,000 square feet of retail space under construction.
The company is recognized by GRESB as the North American leader in sustainability and was ranked first among 178 North American participants across all asset types. At the end of the first quarter, the company’s stabilized portfolio was 52% LEED certified and 71% of eligible properties were ENERGY STAR certified. More information is available at http://www.kilroyrealty.com.