A venture led by Palisades Group has acquired Offices at Riverpark, a five-story, Class A office building in downtown Redmond, Washington. The 107,029-square-foot property changed hands from seller KBS, marking a notable office trade in one of Puget Sound’s most active Eastside submarkets.
Offices at Riverpark is located at 15809 Bear Creek Parkway within the RiverPark mixed-use community. The LEED Silver-certified building is positioned less than a 10-minute walk from the Downtown Redmond light rail station, providing direct connectivity to Bellevue and Seattle. The location also offers proximity to the Redmond Central Connector Trail and Redmond Town Center, adding walkable retail and recreational options for tenants.
The property has recently undergone a series of improvements aimed at enhancing tenant experience and functionality. Upgrades include a conference and training room, a tenant lounge, a coffee bar, and dedicated bike storage. Locker and shower facilities have also been refreshed, supporting both commuter and wellness needs for office users in the building.
KBS was represented in the transaction by Newmark’s U.S. Capital Markets team. The brokerage team included Kevin Shannon, Michael Moll, Ken White and Liam Ogburn. Legal representation for KBS was provided by Greenberg Traurig LLP, with Bruce Fischer, Howard Chu and Tina Ross, along with paralegal Amanda Kennedy, advising on the transaction.
Redmond continues to stand out as one of the most active office submarkets on Puget Sound’s Eastside, supported by strong market fundamentals. According to Newmark Research, Redmond’s direct office vacancy rate was 2.8%, the lowest among Eastside submarkets at the time of the transaction. Average Class A asking rents in Redmond reached $50.26 per square foot, underscoring the submarket’s ability to attract and retain high-quality tenants.
The combination of transit access, mixed-use surroundings and upgraded building amenities positions Offices at Riverpark as a competitive offering within Redmond’s Class A office inventory. The transaction highlights ongoing investor interest in well-located, modern office assets in markets demonstrating low vacancies and resilient rental performance.
