Palisades Group-Led Venture Buys Redmond, WA Office Property

A Palisades Group-led venture acquired Offices at Riverpark, a five-story, 107,029-square-foot Class A office building located in downtown Redmond, Washington. The seller was KBS.

Located at 15809 Bear Creek Parkway, Offices at Riverpark is a LEED Silver-certified office building within the RiverPark mixed-use community. Located less than a 10-minute walk from the Downtown Redmond light rail station, the building offers direct access to Bellevue and Seattle and is near the Redmond Central Connector Trail and Redmond Town Center. Recent improvements include a conference and training room, tenant lounge, coffee bar, bike storage, and updated locker and shower facilities.

Kevin Shannon, Michael Moll, Ken White and Liam Ogburn with Newmark’s U.S. Capital Markets team represented KBS in the transaction. Greenberg Traurig LLP’s Bruce Fischer, Howard Chu and Tina Ross, along with paralegal Amanda Kennedy, provided legal representation for KBS.

Redmond is one of the most active office submarkets on Puget Sound’s Eastside. According to Newmark Research, Redmond’s direct office vacancy rate was 2.8%, the lowest among Eastside submarkets, while average Class A asking rents reached $50.26 per square foot.