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KKR acquires 2 Greater Seattle properties for more than $1.2B

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KKR acquires 2 Greater Seattle properties for more than $1.2B

Global investment firm KKR & Co. Inc. paid more than $1.2 billion to acquire two properties in Greater Seattle.

One of the properties is the 915,000-square-foot Summit office complex in the Bellevue central business district. The 99%-leased property consists of two buildings and a third building under construction, with completion expected in the third quarter of 2020. The seller was Hines, according to the Puget Sound Business Journal.

KKR's second acquisition is the recently completed, 43-story F5 Tower in the Seattle central business district. The property includes the fully leased, 516,000-square-foot office condominium acquired by KKR alongside a separate, 189-room luxury hotel. The property traded for $458 million, the Puget Sound Business Journal reported, citing a King County deed.

KKR said Urban Renaissance Group, which helped with the purchases, will operate the buildings.

In another Bellevue transaction, Invesco acquired the roughly 750,000-square-foot Bravern Office Commons property from Principal Real Estate Investors for more than $585 million, the Puget Sound Business Journal reported, citing public records.