The property sits immediately west of Interstate 405 at 10809 120th Avenue NE. The asking price is $12.87 million. The listing brokers, who also had the leasing assignment, are Chris Langer and Paul Jerue of the Seattle-based Broderick Group. Langer tells GlobeSt.com the price represents a first-year cap rate of 6.825% based on in-place numbers.
WDS Global signed the lease, which includes naming rights, during the fourth quarter of the year. The company provides an integrated service framework to the wireless industry. The building will serve as its US headquarters.
WDS will be consolidating operations into the building from three different locations in Kirkland. Two of those locations are 550 Kirkland Way (Continental Plaza) and 401 Parkplace (Kirkland Parkplace).
WDS was represented in the lease negotiation by Tim Smith of Grubb & Ellis Co. The negotiated lease rate on the deal was not released by the parties involved; the net asking rental rate prior to the building filling up was $10 to $11 per sf per year, according to officespace.com.
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