Newmark has advised on both the disposition and acquisition financing of the Offices at Riverpark, an office and medical office asset in downtown Redmond, Washington. The property, located at 15809 Bear Creek Parkway, totals 107,029 square feet across five stories and was originally constructed in 2008.
KBS engaged Newmark to assist with the sale of the Offices at Riverpark. Newmark Co-Head of U.S. Capital Markets and Vice Chairman Kevin Shannon, along with Managing Directors Michael Moll, Ken White, and Liam Ogburn, advised KBS during the marketing and transaction process. The building was ultimately acquired by a joint venture formed between Palisade Group and Olive Point.
The transaction involved both office and medical office space and reflected a stabilized tenancy profile at the time of closing. According to Newmark, the asset was approximately 86% leased when the sale was completed. KBS had implemented nearly $2 million of capital improvements during its ownership period, and the property features institutional-quality construction and average floor plates of roughly 21,300 square feet.
Newmark also arranged the acquisition financing for the new ownership. The debt placement was led by Co-President, Global Debt & Structured Finance Jonathan Firestone, together with Vice Chairman Blake Thompson and Managing Director Travis Bailey. While specific loan terms and proceeds were not disclosed, the dual mandate underscores Newmark’s role across both the sales and capital markets components of the transaction.
Commenting on the deal, Managing Director Michael Moll noted that the sale reflects increasing investor confidence in the Eastside office market. He pointed to improving leasing fundamentals and described the transaction as part of a tenant-led capital markets recovery unfolding in the area. The combination of recent leasing performance, a high occupancy level at sale, and completed capital upgrades formed the backdrop for investor interest in the Offices at Riverpark.
The Offices at Riverpark continues to serve both traditional office and medical office users from its location in downtown Redmond. With modern construction, a mid-rise profile and relatively large floor plates, the building remains positioned as an institutional-quality asset within the local office and medical office landscape on the Eastside.
