Lake Washington Partners LLC Enters Kent Market
Lake Washington Partners LLC recently entered the Kent Valley commercial real estate market with its purchase of the three-building Creeksides at Centerpoint Class-A office complex from Menashe Properties.
“The Southend submarket offers a different price point compared to the suburban Bellevue submarket,” Lake Washington Partners President Jordan Lott told Bisnow. “It is highly sought after by companies who are looking for access to high-quality labor in a less expensive rental market.”
The buildings at 20415, 20425 and 20435 72nd Ave. S in Kent total 218,426 SF and were constructed in 1984 and 2000. The complex includes conference centers, parking and a market. The campus is 97% leased to tenants that include Naverus GE Aviation, the state of Washington, Integra Telecom Holdings, Blue Nile and Iron Bow Technologies.
Lake Washington Partners is considering adding an on-site fitness center, more food options, improving common areas and adding EV chargers.
The Kent Valley continues to draw commercial real estate interest. High prices in the Seattle and Bellevue markets are pushing growth further south. The Kent Valley’s proximity to the Sea-Tac airport, along with its access to mass transit, is appealing to developers.
Kent is considering people-friendly infrastructure, like sidewalks and improved waterfront parks, to make the city more appealing to those who work in the industrial city. Developers are also showing interest in Renton, where prices are still relatively inexpensive and there is still land left for development.