A Kirkland office building located at 12220 113th Ave NE traded hands earlier this month in a transaction worth $14.65 million, or roughly $281 per square foot, according to public documents. The seller of the 52,040 square-foot property was an entity associated with Richard L. Doane. The buyer was an LLC associated with Los Angeles-based Albert and Jacques Massachi.
The two-story property is considered a class B structure. It was constructed in 1993, and in property documents filed with the county, it is classified as a high-tech office building. According to Google Maps, the building is home to Terra Associates, Vioguard, New American Funding and GPL Tax & Accounting among others.
Loopnet describes the building with showers and lockers with newly renovated lobbies and lavatories.
A recent, second quarter of 2017 Eastside Office Market Overview by Broderick Group projects the suburban markets to remain flat as reasonable amount of leasing is being offset by space give-backs and subleasing in the region. The market has relatively limited construction plans, and vacancy in Kirkland sits at the lowest in the submarket at 6.7 percent. Kirkland is also unique in a way that it provides a boutique office market with waterfront access, quality multi and single-family housing as well as walkable retail amenities for which tenants will pay a premium.
