Dealmaker: Kilroy Realty Acquires CDB Seattle Parcel for $133M
Kilroy Realty Corp., Los Angeles, acquired a five-parcel, 1.3-acre site in Seattle’s central business district for $133 million.
Vance Corp., Seattle, sold a 31,000-square-foot building fully leased to Bank of America, the historic 47,000-square-foot 10-story Lloyd Building and three surface parking lots to KRC. The site is blocks from Amazon.com’s main corporate headquarters, Pike Place Market and upscale retail center Pacific Place. The specific parcel addresses are 500 and 600 Olive Way, 601 Stewart Street, 1825 7th Avenue and 1818 6th Avenue in central Seattle.
KRC will develop a mixed-use project with 900,000 square feet of office space including a fully restored Lloyd Building and 25,000 square feet of street-level food and beverage retail. The Lloyd Building is currently 75 percent leased with numerous short-term leases. In addition, in-place zoning on the 1825 7th Avenue parcel will allow for 575,000 square feet of residential development.
The project site is close to several transportation options including the South Lake Union Trolley and Westlake Station, Seattle’s most-used light rail station.
In October KRC sold 2211 Michelson in Irvine, Calif., earning $116 million in the process. The company said it will use the proceeds to fund development, acquisitions and general corporate purposes including paying down debt.