At a glance
- The building at 15809 Bear Creek Parkway is LEED Silver certified and sits within the RiverPark mixed-use community, less than a 10-minute walk from the Downtown Redmond light rail station.
- Newmark Research puts Redmond's direct office vacancy at 2.8%, the lowest among Eastside submarkets, with Class A asking rents averaging $50.26 per square foot.
- For allocators weighing suburban Eastside office, $50.26 per square foot is the Class A rent mark and 2.8% vacancy narrows the lease-up risk.
A venture led by Palisades Group bought Offices at Riverpark, a five-story, 107,029-square-foot Class A office building in downtown Redmond, Washington, from KBS, Connect CRE reported. Terms were not disclosed.
The building at 15809 Bear Creek Parkway is LEED Silver certified and sits within the RiverPark mixed-use community, less than a 10-minute walk from the Downtown Redmond light rail station. Newmark's Kevin Shannon, Michael Moll, Ken White and Liam Ogburn represented KBS. Greenberg Traurig's Bruce Fischer, Howard Chu and Tina Ross, with paralegal Amanda Kennedy, provided the seller's legal representation.
Newmark Research puts Redmond's direct office vacancy at 2.8%, the lowest among Eastside submarkets, with Class A asking rents averaging $50.26 per square foot.
For allocators weighing suburban Eastside office, $50.26 per square foot is the Class A rent mark and 2.8% vacancy narrows the lease-up risk.
Reported by the Deals desk from Connect CRE and Newmark Research. Published . Corrections