Kilroy Realty Corp. has signed a long-term lease with a Fortune 50 publicly-traded company for 100% of 333 Dexter, a 635,0000-square-foot project located in the South Lake Union submarket of Seattle. 333 Dexter is KRC’s first ground-up development in Seattle and is scheduled for completion in late 2019.
The lease is a testament to KRC’s innovative approach to design. Comprised of two LEED Platinum 12-story towers, 333 Dexter is the ultimate example of regionally-rooted design that fosters inspiration, collaboration and interaction among its tenants and the broader community. Its fully-customizable and scalable spaces, including three stories of large, flexible floor plates, each approximately 60,000 square feet, offer modern technology companies the type of innovative space needed to stay competitive.
Bounded by Dexter Avenue and Highway 99/Aurora Avenue, 333 Dexter is less than 500 yards from Seattle’s iconic Space Needle and has direct access to key regional transportation routes, including the recently opened SR-99. Additionally, 333 Dexter is in close proximity to leading global technology and life science innovators, including the Bill and Melinda Gates Foundation, Amazon.com and UW Medicine.
The lease adds to the significant leasing activity KRC has completed year to date, which totals more than 1.7 million square feet of space. With 333 Dexter now fully leased, the office component of the company’s five development projects under construction is now just under 60% leased and approximately 90% leased, excluding the two life science projects that commenced last quarter. The declining availability of space and rapid execution of leases underscore the dynamics of strong-growth companies continuing to cluster and expand in innovative centers adjacent to transportation and amenities.