SEATTLE—Jones Lang LaSalle's Capital Markets has closed the sale of Westlake Terry, a two-building, 320,399-square-foot office property in South Lake Union, on behalf of a joint venture partnership between Vulcan and Group Health Cooperative. Kilroy Realty Corporation purchased the Class A asset for approximately $170 million.
Managing Directors Ann Chamberlin, Lori Hill and Stuart Williams led the Jones Lang LaSalle team on this transaction.
“This offering represents an exceptionally high-quality office asset in Seattle's fastest growing neighborhood,” said Williams. “Westlake Terry is fully leased to a solid mix of tenants and is the primary Seattle location for Microsoft Corporation and corporate headquarters for Group Health.”
Westlake Terry occupies a full city block on the premier street connecting South Lake Union and Seattle's Central Business District. In addition to Microsoft and Group Health, the fully leased property also features retail tenants including Flying Fish, Great NW Soup, Portage Bay Café, Chase Bank, Jimmy Johns, Rain Fitness and Starbucks.
Westlake Terry, located at 320 Westlake Ave North and 321 Terry Ave North, earned the Energy Star label for operating efficiency and LEED Gold certification. It features ample covered parking; state-of-the-art building systems; large, highly efficient floor plates and convenient access to public transportation, Seattle Streetcar and light rail operations, I-5, SF 520 and Highway 99.
South Lake Union boasts a low 5.8 percent office vacancy rate – the lowest for the region – and recorded 13 consecutive quarters of positive net absorption and 22 million square feet of absorption in the last 18 months.
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