Talon Private Capital, a privately held commercial real estate investment firm founded by Jim Neal and Bill Pollard, closed on the purchase of Waterfront Place, a newly developed, 51,000-square-foot, one-of-a-kind Class A office building on the Kirkland, WA waterfront. The acquisition reflects Talon's strategy of buying stabilized assets with strong cash flow.
"We are thrilled to acquire Waterfront Place as it is exactly what we look for in a building and the irreplaceable location and construction quality makes it unique. We are confident that it will continue to distinguish itself in both up and down cycles," commented Talon co-founder Jim Neal.
This recently developed premier office building is adjacent to Carillon Point with easy access to its full array of retail, restaurant, hotel and marina amenities. The property is 84 percent leased and has attracted premium tenants including the corporate headquarters for Bluetooth, a regional office for MetLife and the new headquarters for Freiheit & Ho, a prominent regional architectural firm.
Kirkland, and specifically Carillon Point, has historically attracted the highest rents of any project in the greater Puget Sound area, including Seattle's CBD. Carillon Point, and now Waterfront Place, benefits from the culmination of multiple hard-to-replicate factors such as lakefront view space and the active waterfront amenities of Yarrow Bay Marina and Carillon Point. The location also boasts a central Eastside location in the "technology corridor," as Kirkland is mid-way between the tech hubs of South Lake Union and Redmond.
According to Pollard, "Talon has looked at well over 165 opportunities in the last year since we have launched, and this was our first choice. We are excited to build the Talon portfolio with the addition of Waterfront Place. We are actively looking at other opportunities in the major, predominantly West Coast, markets and expect more announcements in the next few quarters."