ING Clarion Starts on Office Near Microsoft HQ

REDMOND, WA-A fund of ING Clarion Partners LLC is developing a five-story Downtown office building here as part of a larger mixed-use project that includes apartments and a hotel. The New York City-based real estate investment firm says the building is slated for occupancy in third or fourth quarter of 2008.

The 106,136-sf office project will be located within River Park, a master-planned six-acre mixed-use development by Legacy Partners that will include a 319-unit apartment project to be developed by Legacy and Black Rock Realty; a 144-room hotel to be developed and owned by Lodgeworks; and 15,000 sf of street-level retail that will include two full-service restaurants. The projects will share a 750-slip parking garage.

“With a vibrant local economy, low vacancy rates, and a limited amount of new office development, we believe the timing is excellent…,” says ING senior vice president Pete Stone.