One of the largest owners of commercial real estate has acquired an office property in Redmond for $48.1 million.
KBS announced today that it had acquired Redmond’s Offices at Riverpark on behalf of a sovereign partner, according to a press release. The Offices at Riverpark is a five-story, Class A office building. It spans 106,281 square feet and touts 100 percent occupancy, leasing space to companies in such diverse spaces 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,” the release states.
The Offices at Riverpark was built in 2008. It’s a modern, LEED Silver office building certified for sustainable practices, according to the release. It features covered parking, an on-site hotel, and mixed-use space for office, residential, and retail tenants, and is located near Redmond Town Center.
KBS plans to modernize the property’s lobby and “incorporate a wealth of amenities for tenants to enjoy.” The future addition of the East Link light rail will make the area accessible to Seattle, downtown Bellevue, and Sea-Tac Airport.
“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, in a prepared statement. “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.”