Newmark announces that the company assisted KBS, one of the largest owners of commercial real estate in the nation, with the successful sale of The Offices at Riverpark, a 107,029-square-foot Class A office and medical office building located at 15809 Bear Creek Parkway in downtown Redmond, Washington. Newmark Co-Head of U.S. Capital Markets Kevin Shannon, Vice Chairmen Michael Moll and Ken White and Managing Director Liam Ogburnadvised KBS on the sale. The property was purchased by a joint venture between Palisade Group and OlivePoint Capital.
“This sale represents a positive sign in investors’ conviction in the Eastside office market and improving leasing fundamentals that we are seeing drive this tenant led capital markets recovery,” said Moll. “Lender appetite for office product across the risk spectrum has also improved as evidenced by the strong showing we had on The Offices at Riverpark.”
A Newmark team led by Newmark Co-President, Global Debt & Structured Finance Jonathan Firestone, Vice Chairman Blake Thompson and Managing Director Travis Bailey arranged acquisition financing for the property.
Built in 2008, The Offices at Riverpark is a five-story, LEED Silver-certified office and medical office property that was approximately 90% leased at the time of sale. The property features a diverse tenant roster and is located in downtown Redmond, one of the most supply-constrained office submarkets on Seattle’s Eastside.
“Throughout our ownership, KBS focused on maintaining The Offices at Riverpark’s competitive position through strategic capital improvements and an enhanced tenant experience,” said Ryan Pires, senior vice president and investment manager for The Offices at Riverpark at KBS. “These efforts helped position the property for a successful transition to new ownership.”
As one of the newest multi-tenant office buildings in Redmond, The Offices at Riverpark features institutional-quality construction, average floor plates of approximately 21,300 square feet and nearly $2 million in capital improvements completed during KBS’ ownership. Improvements included renovated lobby areas, upgraded building systems and new amenity spaces. The property is also within walking distance of the Downtown Redmond light rail station and Redmond Town Center.
“The Offices at Riverpark checks many of the boxes investors are seeking today: strong in-place tenancy, high-quality physical improvements, transit connectivity and a location in one of the Eastside’s top-performing office submarkets,” added Shannon. “Investors continue to recognize the long-term value of well-located, high-quality assets in Redmond, where strong employer presence, limited new supply and improving demand dynamics are supporting market recovery.”
According to Newmark Research, the transaction reflects growing investor interest in high-quality Eastside office properties amid improving market conditions. The Puget Sound office market recorded positive absorption in both the second quarter and year-to-date through mid-2026, while vacancy and availability declined simultaneously for one of the first times during the current recovery cycle. Large occupier commitments across Bellevue and Seattle, coupled with declining sublease inventory, suggest the market is entering a period of real stabilization.
About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leading commercial real estate advisor and service provider to large institutional investors and other owners, global corporations and other occupiers, and lenders. Built with purpose and driven by excellence, Newmark’s comprehensive platform is uniquely tailored to provide superior outcomes to clients. For the twelve months ended June 30, 2026, Newmark generated revenues of more than $3.6 billion. As of June 30, 2026, Newmark and its business partners together operated from over 195 offices with more than 10,000 professionals across four continents. Learn more at nmrk.com or follow @newmark.
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