REDMOND, Wash. (October 14, 2026) – KBS, one of the nation’s largest owners and operators of premier commercial real estate assets, announced the sale of Offices at Riverpark, a five-story, 107,029-square-foot Class A office building located in downtown Redmond, Washington. The property was acquired by a joint venture that includes Palisade Group, a full-service real estate firm.
According to Giovanni Cordoves, KBS’ Western regional president, the transaction reflects the firm’s disciplined portfolio management approach and through active ownership of the property.
“Redmond remains one of the strongest office markets on the Eastside, supported by a highly educated talent base, a significant technology workforce and continued investment in infrastructure,” said Cordoves. “Throughout our ownership, our team focused on maintaining a high-quality workplace environment and positioning Offices at Riverpark for its next chapter.”
Redmond is one of the most active office submarkets on Puget Sound’s Eastside and is home to Microsoft’s global headquarters. According to Newmark Research, Redmond’s direct office vacancy rate was 2.8%, the lowest among Eastside submarkets, while average Class A asking rents reached $50.26 per square foot. Newmark’s second-quarter report also showed improving regional fundamentals, with declining vacancy and availability and 72,767 square feet of positive net absorption.
Offices at Riverpark is a LEED Silver-certified office building within the RiverPark mixed-use community. Located less than a 10-minute walk from the Downtown Redmond light rail station, the building offers direct access to Bellevue and Seattle and is near the Redmond Central Connector Trail and Redmond Town Center. Recent improvements include a conference and training room, tenant lounge, coffee bar, bike storage, and updated locker and shower facilities.
Ryan Pires, senior vice president and investment manager for Offices at Riverpark at KBS, said the sale reflects the firm’s proactive management of the property.
“Throughout our ownership, we invested in improvements including a renovated lobby and new amenity space, helping maintain the property’s competitive position in the market,” said Pires. “These efforts helped position Offices at Riverpark for a successful transition to new ownership.”
Newmark Co-Head of U.S. Capital Markets Kevin Shannon, Vice Chairmen Michael Moll and Ken White and Managing Director Liam Ogburn represented seller KBS in the transaction.
“This sale represents a positive sign in investor conviction in the Eastside office market and improving leasing fundamentals that we are seeing drive this tenant led capital markets recovery,” said Moll.
Greenberg Traurig LLP attorneys Bruce Fischer and Caroline Pricher, along with paralegal Amanda Kennedy, represented KBS in the transaction.
“We were pleased to support KBS through the closing process,” said Fischer, chair of the firm’s West Coast real estate practice and co-managing shareholder of its Orange County office.
Offices at Riverpark is located at 15809 Bear Creek Parkway in Redmond. High-resolution property photos are available at: Offices at Riverpark for the next 30 days.
About KBS
KBS is a private equity real estate firm and SEC-registered investment adviser. Since its founding in 1992 by Peter Bren and Chuck Schreiber, KBS and its affiliated companies have completed more than $45.9 billion in transactions on behalf of private and institutional investors and have invested in nearly 1,700 multifamily, industrial, office and retail assets. The firm acquires and operates high-quality commercial real estate in growth markets across the United States and is committed to strong business ethics, long-standing relationships and disciplined investment management. SEC registration as an investment adviser does not imply any particular level of skill or training. For more information, visit www.kbs.com.
This release may contain forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended, including statements regarding KBS’ investment strategy, future market conditions and anticipated investment outcomes. Forward-looking statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied.
