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Newmark Advises on Sale, Financing of Redmond Offices
Newmark assisted KBS with the sale of Offices at Riverpark, a 107,029-square-foot office and medical office building located at 15809 Bear Creek Parkway in downtown Redmond, Washington.
Newmark Co-Head of U.S. Capital Markets Vice Chairman Kevin Shannon and Managing Directors Michael Moll, Ken White, and Liam Ogburn advised KBS on the sale. The property was purchased by a joint venture between Palisade Group and Olive Point.
“This sale represents a positive sign in investor conviction in the Eastside office market and improving leasing fundamentals that we are seeing drive this tenant-led capital markets recovery,” said Moll. Newmark also arranged acquisition financing for the property, led by Co-President, Global Debt & Structured Finance Jonathan Firestone, as well as Vice Chairman Blake Thompson and Managing Director Travis Bailey.
Built in 2008, Offices at Riverpark is a five-story, office and medical office property that was approximately 86% leased at the time of sale. The site features institutional-quality construction, average floor plates of approximately 21,300 square feet and nearly $2 million in capital improvements completed during KBS’ ownership.
