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15809 Bear Creek PkwyRedmond, WA 98052
Offices at Riverpark
Asset ClassOffice, Healthcare Facility
overview of deal

Overview

Newmark, as exclusive advisor, is pleased to present the opportunity to acquire Offices at Riverpark (the “Property”) – a Class A, LEED Silver Certified office and medical office building totaling 107,029 square feet, prominently located in the heart of downtown Redmond. The Property is 78% leased to a diverse multi-tenant roster and benefits from limited near-term rollover in the first 24 months, a balanced rollover profile, and immediate upside through the lease-up of vacancy.

 

As one of the newest multi-tenant assets on the Eastside, Offices at Riverpark features core-quality construction and institutional-grade design. Recent capital improvements, including a renovated lobby and newly delivered amenity space, enhance the Property’s competitive positioning, while high-quality first generation tenant improvements materially reduce future leasing costs.

 

Redmond remains one of the most fundamentally strong and supply-constrained office submarkets on the Eastside, underpinned by a distinct concentration of global technology employers including Microsoft, Amazon, Meta, Nintendo, and SpaceX. Strategically positioned along Redmond Way, Offices at Riverpark benefits from close proximity to the Redmond Connector Trail, East Link Light Rail Extension, SR-405, and walkable amenities including Redmond Town Center.

 

Offices at Riverpark represents a rare opportunity to acquire a core-quality, multitenant asset with strong in-place cash flow and near-term upside in the most supply constrained submarket on the Eastside.

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Investment Highlights

Attractive In-Place Cash Flow with Upside

Currently 78% leased to a diverse tenant roster, Offices at Riverpark offers strong in-place income supported by 3.3 years of WALT and immediate upside through lease up of existing vacancies.

 

Limited Near-Term Rollover

The Property provides stable near-term cash flow with just 9.0% of the rent roll expiring within the first two years and no more than 30% in any given year.

 

High-Quality, Multi-Tenant Asset

As one of the newest multi-tenant buildings in Redmond, Offices at Riverpark combines institutional-quality construction with diversified tenancy, reducing single-tenant exposure and enhancing income stability.

 

Investment Grade MOB Anchor

Anchored by a long-term medical office tenant, Kaiser Permanente, the property benefits from a market rent premium and high-quality, reusable medical improvements.

 

Recent Capital Improvements

Recent upgrades, including a renovated lobby and newly delivered amenity space, enhance tenant experience and position the Property for continued leasing momentum, while existing first-generation tenant improvements reduce future leasing costs.

 

Premier Eastside Location

Located in the heart of downtown Redmond, Offices at Riverpark benefits from proximity to major technology employers and immediate walkable access to a wide range of retail, dining, and lifestyle amenities.

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15809 Bear Creek PkwyRedmond, WA 98052

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