JMA Ventures Buys Redmond Asset from Clarion for $39M
- Jun 22, 2012
JMA Ventures has expanded its Puget Sound portfolio with the $38.5 million acquisition of the Offices at Riverpark in Redmond. The San Francisco-based investor bought the property from Clarion Partners, which also developed the 106,281-square-foot Class A property. That translates to a sale price of $362 per square foot for the five-story building.
Considered one of Redmond’s premiere office properties, the four-year-old LEED certified building is 97 percent leased to a tenant roster that includes national corporate clients.
Located at 15809 Bear Creek Parkway, the Offices at Riverpark is part of the master-planned Riverpark development, which also includes 319 luxury residential units and a 144-key hotel. The location is walking distance from Redmond Town Center and other retail venues. Riverpark is about five miles from Microsoft’s world headquarters in Redmond.
Clarion Partners was represented by a team from CBRE Group Inc. that included Tom Pehl, Kevin Shannon, Tom Abbott, Ken White and Lou Senini. CBRE’s David Stinebaugh arranged financing for JMA Ventures.
Photo courtesy of officesatriverpark.com