Kilroy Realty Corporation announced this week that it had acquired the 417,000 square-foot, 24-story, Class A office tower known as Skyline Tower located in Bellevue, Washington for $186 million. Kilroy purchased the property from Beacon Capital Partners of Boston in the second-largest in King County so far this year, according to a Seattle Times article. Beacon Capital Partners reportedly paid $129.8 million, or $318 a square foot, for the property in early 2006. In an earlier release announcing the pending sale, Los Angeles-based Kilroy said it was taking on an in-place loan of $84 million as part of the deal.
Skyline Tower is a LEED Silver certified property featuring spectacular views of the Cascade and Olympic Mountains and Mount Rainier, and sits in close proximity to Bellevue's affluent residential and retail neighborhoods. The property, designed by TRA Architects, is currently 92% leased to a diverse tenant base that includes technology companies Expedia and Valve Corporation.
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