September 19th, 2019 – Newmark Knight Frank (NKF) has advised on the $47,750,000 sale of Crown Pointe, a Class A, four-building, 131,053-square-foot office park located at 4010-4040 Lake Washington Blvd NE, Kirkland, Washington.
The seller is TA Realty, LLC, and they were represented in the transaction by NKF Executive Managing Director Joe Lynch, Senior Managing Director Dan Harden and Senior Vice President Andy Miller of Kidder Mathews. The property was purchased by Pine Forest Properties, a locally owned company associated with the Burnstead family. Pine Forest Properties develops, acquires, manages and leases high quality office, industrial and multi-family buildings located primarily in the Pacific Northwest.
With immediate access to all major thoroughfares, Crown Pointe is among the most accessible office parks on the Eastside. Coupled with the introduction of nearby light rail stations, Crown Pointe and the greater 520 Corridor will remain a highly sought after location for employers seeking a centralized location for employee recruitment, retention, as well as clientele.
“The 520 Corridor is one of the most dynamic Eastside submarkets with 22.4% rent growth over the past 18 months. Vacancy, including Microsoft, is 2.97% with overall Eastside vacancy at 4.38%. Recent lease or expansion commitments from Facebook (Spring District), Google (Kirkland Urban), Amazon (Bellevue CBD) and Facebook Technologies (Willows Road) are driving market rents higher and creating tremendous demand for suburban investment opportunities,” said Joe Lynch.