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KKR Makes a $1.2B Bet on Puget Sound; Snags Pair of Office Properties
New York-based KKR bought a pair of Puget Sound office properties for more than $1.2 billion. The acquisition of the Summit in Bellevue and the F5 Tower in Seattle mark the global investment firm’s entry into the region.
The Summit is a 915,000-square-foot Class A office complex in Bellevue’s CBD. The 99%-leased complex is comprised of two existing LEED Platinum office buildings and a third building currently under construction, expected to be completed in Q3 2020.
F5 Tower (pictured above) is a recently completed 43-story tower in Seattle’s CBD, which includes the 100% leased, 516,000-square-foot office condominium acquired by KKR alongside a separate 189-room luxury hotel. The property serves as F5 Networks’ global HQ.
KKR’s Justin Pattner says, “We are excited to be making these two real estate investments in the Puget Sound Region, a market we believe has attractive long-term growth driven by a highly educated employee base, attractive cost of living relative to other top tier markets in the U.S. and high-quality of life.”
*Photo courtesy of ZGF Architects
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