Creeksides Creeksides atCenterpoint is a three-building class-A office campus (credit: NAIPuget Sound Properties).

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KENT, WA—With the continued interest in the Southend submarketby companies such as Blue Origin, Tommy Bahama and DII Design, theKent Valley office vacancy rate has fallen to 5.4% as demandcontinues to grow. With this demand in mind, Lake WashingtonPartners LLC expanded its ownership presence in the Puget Soundregion and entered the Southend office submarket.

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The firm recently purchased Creeksides at Centerpoint fromMenashe Properties at an undisclosed price. The 218,426-square-footthree-building class-A office campus is located at 20415, 20425 and20435 72nd Ave. South.

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“Creeksides represented an opportunity to not only buy one ofthe Kent Valley’s highest-quality office parks but it also offeredus a prime opportunity to enter Seattle’s thriving and fast-growingSouthend office submarket,” said Jordan Lott, Lake WashingtonPartners president.  “The campus offers beautiful, maturelandscaping, is amenity rich and it has an array of diverse andlong-term tenants. We pride ourselves on being long-term investorsand we are attracted to investments like Creeksides that offer apremier corporate address for pre-eminent companies, in one of themost desirable locations in a high-profile submarket.”

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Constructed in 1984 and renovated in 2000, the four-storybuildings are located in a business park with a pond and waterfall.The property offers on-site amenities including an Avanti Market,conference centers and generous parking.

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“Tenants are looking for high-quality office buildings and SouthKing County offers lower lease rates than Seattle and Bellevue.With the growing workforce who live in the Kent Valley, Creeksidesoffers an excellent corporate office feel without being a convertedindustrial warehouse. For many of the people working at Creeksides,it provides a metropolitan office environment just minutes fromtheir homes,” added Lott.

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Creeksides is within close proximity to Kent’s retail core,restaurants and hotels, and it is within five minutes of theSeattle-Tacoma International Airport. With the large population ofresidents in the Renton Highlands and Maple Valley neighborhoods,Creeksides offers bonus accessibility for tenants andemployees.

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“The Southend submarket offers a different price point comparedto the suburban Bellevue submarket. It is highly sought after bycompanies who are looking for access to high-quality labor in aless expensive rental market,” Lott tells GlobeSt.com. “Creeksidesprovides a high-end suburban office feel in close proximity tolabor, transit and does so in a park-like setting but with a morecompetitive rental rate. From a portfolio standpoint, it augmentsour other holdings because it has the same high-end real estatefeel, but it’s geographically diverse.”

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Creeksides is currently 97% leased to a diverse roster oflong-term tenants including Naverus–GE Aviation, the state ofWashington–the Department of Health, and the Department of Socialand Health Services, Integra Telecom Holdings, Blue Nile and IronBow Technologies.

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Lott says Lake Washington Partners plans to invest in theproperty to further enhance the building’s amenities.

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“With close to 1,000 people working at Creeksides, we plan toenhance the offerings in food and beverage, fitness and gym, thecommon areas, and in the meeting and break-out spaces,” Lott tellsGlobeSt.com.

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Lake Washington Partners was represented by Mike George andScott Sulman of NAI Puget Sound Properties.

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Lisa Brown

Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.