Kennedy Wilson of Beverly Hills, Calif., recently expanded its office portfolio with the $153 million purchase of a 573,000-square-foot campus located in greater Bellevue, Wash., in the Seattle metro area.
Dubbed 90 East, the three-building, Class A office campus was acquired by Kennedy Wilson from Talon Private Capital in an off-market transaction. The buyer invested $76 million of equity for this transaction, while also securing a 10-year, interest-only, $77 million loan held by Allianz, at a fixed rate of 3.85%.
90 East Campus – Building E (Yardi Matrix)
“We are pleased to expand our presence in Washington by acquiring this high-quality office asset below replacement cost in an excellent submarket,” Matt Windisch, EVP at Kennedy Wilson, said in a statement. “With two investment grade companies fully occupying the building, 90 East offers a strong initial cash flow yield and the potential to earn attractive long-term risk adjusted returns for the company.”
Completed in 2001, 90 East is fully leased to Microsoft and Costco. Situated just 10 miles from downtown Bellevue, the campus offers easy access to other high-profile employers in the area, including Amazon, Starbucks, Nordstrom and Expedia. The property is managed by CBRE, while JLL handles leasing management for the 90 East portfolio.
