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Kilroy Realty completes $133M purchase of mixed-use land site in Seattle

Kilroy Realty Corp. wrapped up its $133 million acquisition of a five-parcel development site in Seattle's central business district.

The 1.37-acre site consists of a 31,000-square-foot building that is fully occupied by Bank of America, the 10-story Lloyd Building totaling 47,000 square feet, three surface parking lots and a parking structure. The site is near Amazon.com Inc.'s main corporate headquarters. The parcel addresses are 500 and 600 Olive Way, 601 Stewart St., 1825 Seventh Avenue and 1818 Sixth Avenue.

The office real estate investment trust will seek entitlements to build a mixed-use development at the site, comprising about 900,000 square feet of office space, which will include the full restoration of the Lloyd Building, which is about 75% leased under several short-term leases. The planned development will also include roughly 25,000 square feet of food and beverage retail and underground parking.

In-place zoning on the 1825 Seventh Avenue parcel allows for about 575,000 square feet of residential development, for which Kilroy is considering various options.

The REIT also signed a long-term, full-building lease with an undisclosed technology company for its 160,400-square-foot 9455 Towne Centre Drive development in San Diego.

The five-story, LEED Platinum-targeted office and life sciences project is set to be completed in mid-2020.