KBS acquires $48m office asset in Seattle
Private equity real estate firm KBS has acquired the Offices at Riverpark on behalf of a sovereign partner for $48.1 million.
Newmark Knight Frank’s Kevin Shannon, who serves as co-head of U.S. capital markets, along with Nick Kucha, Ken White, Michael Moll and Bill DeLacy represented the seller in the deal, while Tim O’Keefe and Mike Schreck handled the market leasing.
Colony Capital sold the suburban asset, having bought it from JMA Ventures for $39.6 million in 2015. The LEED Silver property is located at 15809 Bear Creek Parkway in central Redmond, a city 16 miles east of Seattle that is home to Microsoft.
Offices at Riverpark is a Class A office building in Redmond, Washington.The office buildign forms part of a complex. A complex includes the 144 key Hyatt House hotel, more than 300 luxury apartment units and around 10,000 square feet of restaurant and retail space. Redmond Town Center, a 1.3-million-square-foot mixed use complex with more than 120 retail, dining and entertainment options. Additively, KBS plans to modernize the building’s lobby and add more amenities for tenants.
Source: CP Executive
Fulya Altunyay/ [email protected]