7:30 AM
Newmark has announced the sale of Offices at Riverpark, a Class A 106,281-square-foot office building in the downtown submarket of Redmond, WA.
Newmark Co-Head of U.S. Capital Markets Kevin Shannon, Vice Chairman Nick Kucha, Executive Managing Director Ken White, Senior Managing Director Michael Moll, and Director Bill DeLacy represented the seller, a Boston-based investment firm. Newmark Executive Managing Directors Tim O’Keefe and Mike Schreck were the market leasing professionals. The buyer Newport Beach-based KBS, one of the world’s largest owners of commercial real estate, was self-represented.
“Redmond is currently seeing renewed positive momentum,” said Kucha. “This is evidenced by the hundreds of multifamily units under construction, a resurgence of the live-work-play activity in the downtown retail corridor, the upcoming delivery of the Eastlink light rail station, the growing footprint of Oculus on Willows Road, and Microsoft’s campus renovation. Offices at Riverpark’s choice as the preferred office destination will only improve as Redmond continues this upward trend.”
Built in 2008 and located at 15809 Bear Creek Parkway, the LEED Silver Certified, five-story building is fully occupied by a number of tenants including Kaiser Permanente, Tech Mahindra, and StockCharts.com. The property is near SR-520 and public transit and is less than five minutes from the Microsoft world headquarters, Nintendo’s American headquarters, and Facebook’s Oculus campus.
“This well-located, multi-tenant suburban office asset received strong interest from a host of pension fund advisors and separate account core-plus buyers,” said Shannon. “Given the compelling strength of Seattle’s Eastside office market, the quality of the asset, the stable in-place cash flow, and the recent leasing velocity, the bidding environment was highly competitive.”
Moll added, “Investor interest for office product on Seattle’s Eastside remains robust. This asset was one of the earliest 2019 properties to be priced and highlights the strength of the capital markets continuing into the year.”
The City of Redmond is currently seeing an approximately 3 percent vacancy rate for office property and is one of the best performing suburban markets on the West Coast.
About Newmark
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 16,000 professionals operate from approximately 430 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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