For Sale: Redmond Office Center | Buildings 1 & 4. Redmond Office Center is an eight-building office complex totaling 68,212 SF, situated in one of the most sought after submarkets in the region.
1. EXECUTIVE SUMMARY
Lee & Associates, as exclusive advisor, is pleased to represent the sale of Redmond Office Center, Buildings 1 and 4.
Each office building is two-stories and consist of approximately 9,000 SF. The zoning, Anderson Park (AP), permits a wide variety of users including office and medical. Each Building is multi-tenanted with Building 1 containing 6 tenants and Building 4 containing 26 tenants, styled as executive suites.
This offering presents the opportunity for owner/user investors, and developers. Investors can take advantage of the current cash flow, improving returns with the market. Developers can consider adjacent parcels for assemblage, developing when the market permits. Owner/users may acquire the building and enjoy cash flow with occupancy.
Redmond Office Center is an eight-building office complex totaling 68,212 SF, situated in one of the most sought after submarkets in the region.
2. THE PROPERTY
• Opportunity to acquire one or both of the buildings as an owner/user investment property in Central Redmond, with high value-add potential.
• A development potential exists with an opportunity to acquire adjacent parcels for development.
• Well-maintained two-story wood frame structures with multi-tenant options and a great mix of private offices and open work space.
• The property offers abundant free surface parking at 4 stalls per 1,000 SF.
• Located near Downtown Redmond with convenient access to all downtown locations.
• Location is near Redmond Town Center with an abundance of amenities and great access to SR-520. Nearby amenities include Starbucks, Panera Bread, The UPS Store and Emerald Smoothie.
• Close to community amenities including King County's Marymoor Park, a 20,000-square-foot community center offering activities, rentals, and a comfortable space to disconnect and recharge.
LOCATION AERIAL | SITE PLAN
The Eastside office market is made up of the area east of Lake Washington bounded by thE I-90 Corridor, the Cascade foothills, Lake Washington, and Canyon Park. Submarkets within the Eastside include Bellevue CBD, SR-520 and I-90 Corridors, Redmond, Kirkland, Coal Creek/Issaquah, and Mercer Island. Due to its advantageous location and quality of life attributes, the area draws a critical mass of Fortune 500 companies and well-known industries such as Paccar, Symetra, Microsoft, Nintendo, Google, Boeing, T-Mobile, Expedia, Costco, Amazon and more.
These large demand driving companies have spurred the Eastside’s growth, creating exceptional employment through support services and the clustering effect of technology firms located in close proximity to one another. The business growth trends have created significant increases in real estate values and have made the Eastside one of the top ranked submarkets in the nation.
4. COMPARABLE PROPERTIES
In our evaluation, 100% of the sales comparables were considered over the last 18 months for owner user buildings located on the Eastside, which found an average sales price of f $4,065,043, or $567.29/SF.
4. RENT VS. OWN
LEE & ASSOCIATES PACIFIC NORTHWEST
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For more information on the Redmond Office Center Offering please contact Troy Gessel.