LOS ANGELES — Kilroy Realty Corp. has paid more than $200 million for two West Coast office properties in San Francisco's SOMA district and Seattle's Bellevue community.

In downtown Bellevue, the Los Angeles-based publicly traded real estate investment trust purchased Bellevue's 24-story Skyline Tower for $186 million.

The purchase price includes the assumption of an in-place mortgage of approximately $84 million. The loan bears a 6.37 percent interest rate and matures on April 1, 2013.

The 417,000-square-foot Skyline Tower is located at 10900 NE 4th St. Two of the largest tenants are online travel booking service Expedia and Valve, a gaming company. The building is 92 percent leased.

Kilroy says it plans to "significantly enhance" the property with a capital improvement and modernization program.

The building is also located two blocks from Kilroy's 23-story Key Center office tower, which the firm acquired last year.

According to local reports, Kilroy is on its way to becoming one of Seattle's largest office landlords, having entered the market two years ago. The company has since acquired more than 1 million square feet of office space in the area.

In a separate deal in San Francisco, the company purchased a development site and parking lot on Brannan Street for $18.5 million. The firm plans to spend $80 million to construct a six-story office building on the 0.82-acre site, designed to appeal to the area's growing community of technology and media companies. It will be Kilroy's second ground-up development project in Northern California.

The company states that the design will reflect the dominant brick and timber character of the neighborhood, similar to properties Kilroy owns at 301 and 250 Brannan Street. The new building's design will feature open floor plates, concrete floors, large windows and multiple common areas.

According to Kilroy, the total investment cost will be "notably below recent prices paid by other purchasers for similar assets."

— Liz Burlingame