Dealmaker: KBS Realty Acquires Offices at Riverpark for $48M
Michael Tucker email@example.com
KBS, Newport Beach, Calif., acquired The Offices at Riverpark in Redmond, Wash. on behalf of a sovereign partner for $48.1 million.
Newmark Knight Frank 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 investment firm.
Built in 2008, The Offices at Riverpark is a five-story Class A asset totaling 106,000 square feet. The fully occupied property currently leases space to healthcare, technology, insurance and finance firms.
"The Offices at Riverpark is located in a top-performing suburban market among several key economic drivers," said KBS Senior Vice President Clint Copulos.
Located in downtown Redmond, one of the fastest-growing submarkets in the nation, the Offices at Riverpark is close to several company campuses including Microsoft, Nintendo, Oculus and AT&T as well as multiple transportation options such as the King County Metro, Redmond Transit Center and Interstate 520. The city plans to extend the East Link light rail close to the property, which will provide access to Seattle, downtown Bellevue and the Seattle-Tacoma International Airport.
"Our existing Eastside [Seattle] portfolio has seen strong tenant demand and rent growth over the last 12 months," said KBS Western United States Regional President Rod Richerson. "The top technology firms continue to take any large block of space that becomes available, creating a very tight market."
Moll called investor interest in office product on Seattle's east side 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," he said.