Real Estate - MAY 13, 2019

KBS acquires the Offices at Riverpark for $48.1m in Redmond, Wash.

by Released

KBS has purchased the Offices at Riverpark in Redmond, Washington on behalf of a sovereign partner.

“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,” said Clint Copulos, senior vice president for KBS and asset manager for the property. “We look forward to offering current and future tenants a balanced live, work and play environment in one of the most attractive properties in Redmond, while adding value to our investor’s portfolio.”

The Offices at Riverpark is a five-story, Class A office building spanning 106,281 square feet and touting 100 percent occupancy. The property currently leases space to a diverse set of companies in industries such as healthcare, technology, insurance and finance. This acquisition is an example of KBS’ continued commitment to the area in recent years, having added the Westpark Portfolio in 2016.

Built in 2008, the Offices at Riverpark is a modern, LEED Silver office building certified for its sustainable practices. The property features covered parking, an on-site hotel, and mixed-use space for office, residential and retail tenants. The area touts a very walkable score of 86 and tenants can take advantage of the close proximity to the Redmond Town Center, home to over 120 shops, restaurants, and entertainment options.

To add further appeal to the Offices at Riverpark, KBS plans to modernize the property’s lobby and incorporate a wealth of amenities for tenants to enjoy. Additionally, the Redmond area is expected to further adapt to tenant needs with the extension of the East Link light rail which will provide seamless accessibility to Seattle, downtown Bellevue, and the Seattle-Tacoma International Airport.

Situated in the business hub of downtown Redmond, one of the fastest growing submarkets in the nation, the Offices at Riverpark offers proximity to major company campuses including Microsoft, Nintendo, Oculus and AT&T and is close to multiple transportation options, like the King County Metro, Redmond Transit Center, and Interstate 520. The property neighbors several hotels including the Seattle Marriott Redmond and Hyatt House, as well as recreation areas including Luke McRedmond Landing and the Redmond Central Connector Park.

“Redmond is currently seeing renewed positive momentum,” said Nick Kucha, vice chairman at NKF, who represented the seller, a Boston-based investment firm. “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. Offices at Riverpark’s choice as the preferred office destination will only improve as Redmond continues this upward trend.”

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