REDMOND, WA-Clarion Partners has sold its five-story building, known as the Offices at Riverpark to San Francisco-based JMA Ventures. The purchase price for the class A 106,281-square-foot building was $38.5 million or $362 per square foot.
According to CBRE, who negotiated the sale, the price per square foot is one of the highest ever achieved for an office building in the Redmond submarket. Queries to Clarion Partners regarding reasons for selling were not returned by deadline.
The building, located at 15809 Bear Creek Pkwy., is less than five miles from the world headquarters for Microsoft. Built in 2008, the building is LEED certified and is 97% leased to multiple, national corporate tenants.
Part of the master planned Riverpark complex, the Offices at Riverpark are surrounded by 319 luxury apartments and a 144-room upscale, select-service hotel. It is also within walking distance of numerous retail amenities including the Redmond Town Center and is adjacent to a planned regional light rail station.
CBRE’s Tom Pehl, Kevin Shannon, Tom Abbott, Ken White, and Lou Senini represented the seller in the transaction. David Stinebaugh of CBRE debt & equity finance group arranged the financing on behalf of JMA Ventures.
“This is a best-in-market asset and is one of only five new, class A office buildings developed in this submarket in the last 10 years,” explains Pehl, in a prepared statement. “The property received strong demand from high caliber tenants and achieved some of the highest lease rates in the submarket, which is a reflection of the property’s superior location and quality.”
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
