KBS Buys Offices At Riverpark In Redmond
KBS recently acquired the five-story, 106,282 SF Offices at Riverpark in Redmond on behalf of a sovereign partner. The Class-A office building is 100% occupied by companies in the healthcare, tech, insurance and finance sectors.
Built in 2008, Offices at Riverpark is certified LEED Silver. It has covered parking, an on-site hotel and mixed-use space. Its walkability score is 86, and it is close to Redmond Town Center. It is also near the extension of the East Link light rail that will connect to Seattle, downtown Bellevue and Sea-Tac.
KBS plans to renovate the lobby and add amenities.
“The Offices at Riverpark is located in a top performing suburban market among several key economic drivers, making the property desirable to both companies and their employees,” KBS Senior Vice President Clint Copulos said in a statement.
KBS purchased the West Park Portfolio on the Eastside in 2016.
“Our existing Eastside portfolio has seen strong tenant demand and rent growth over the last 12 months,” KBS Western United States Regional President Rod Richerson said in a statement. “The top technology firms continue to take any large block of space that becomes available, creating a very tight market.”
NKF’s team of 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. NKF Executive Managing Directors Tim O’Keefe and Mike Schreck were the market leasing professionals.
“Redmond is currently seeing renewed positive momentum,” Kucha said in a statement. “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 East Link light rail station, the growing footprint of Oculus on Willows Road and Microsoft’s campus renovation.”