May 15, 2019
Newport Beach, CA-based KBS acquired the Offices at Riverpark in Redmond, WA on behalf of a sovereign partner from an undisclosed Boston-based investment firm for $48.1 million. The property is a five-story, Class A office building, spanning 106,281 square feet and touting 100% 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.
KBS’ Rod Richerson says, “This building has all the attributes that we look for in an office building – walkable amenities, nearby multifamily and will be one of the best located multi-tenant office buildings for access to the pending expansion of the East Link light rail.”
Built in 2008, the Offices at Riverpark is a modern, LEED Silver-certified office building featuring covered parking, an on-site hotel, and mixed-use space for office, residential and retail tenants. KBS plans to modernize the property’s lobby and incorporate amenities for tenants.
NKF’s Kevin Shannon, Nick Kucha, Ken White, Michael Moll, and Bill DeLacy represented the seller.
For comments, questions or concerns, please contact Dennis Kaiser