October 26, 2018
Redmond, WASH. – Transwestern Investment Group (TIG®) today announces it has sold Redmond Technology Center on behalf of one of its managed funds. The 101,695-square-foot, Class A office building is located at 18300 Redmond Way in Redmond, Washington.
The Redmond Technology Center is 93 percent occupied, anchored by Pushpay Ltd. The multitenant office building is leased to six established local and international companies with staggered lease maturities. Redmond Technology Center is a LEED Gold-certified, trophy-quality asset constructed in 2008. The building features best-in-class improvements throughout, including exposed-ceiling creative workspace in the majority of the tenant suites, a dramatic two-story lobby, underground parking and a state-of-the-art fitness center. This is a unique and coveted amenity in the submarket that allows employers to attract and retain top talent.
The property is located within the Redmond submarket, which has been the most dynamic and strongest performing of the Eastside submarkets over the past 12 months. Since 2010, over 4,000 multifamily units and 22,000 single-family homes have been delivered, with an additional 1,300 multifamily units currently approved and permitted.
The East Link Light Rail extension is part of a regional effort to accommodate the influx of residents into the area and will include a future station within walking distance to the property. The Light Rail will connect riders from the Eastside’s population and employment centers to downtown Seattle, Sea-Tac Airport and the University of Washington.
The Seattle office market has been among the strongest in the nation led by the rapid expansion of tech giants Amazon, Microsoft, and Facebook. The greater Redmond market has been driven by the explosive growth of Facebook’s virtual reality division, Oculus, which now occupies over 885,000 square feet. This has led to a rapid decline in vacancy to just 1.5 percent at the end of the second quarter, the lowest level since fourth quarter 2000.
Redmond is also the home of Microsoft, which controls approximately 15 million square feet in the submarket. The company recently announced plans to expand and renovate its main office campus to accommodate an additional 8,000 employees on top of its approximately 47,000-person head count currently in the market.
Kidder Mathew represented the seller in the transaction and provides management and leasing services.
ABOUT TRANSWESTERN INVESTMENT GROUP
Transwestern Investment Group (TIG®) is an investment adviser serving a broad range of investors through a diversified array of discretionary and non-discretionary investment vehicles. Our client-focused, relationship-driven approach ensures our priorities are our clients' investment objectives. With $4.4 billion of assets under management, trust, integrity and transparency are the cornerstones of our business. TIG provides tactical investment management with an integrated operating platform through the Transwestern family of companies, which includes a diversified real estate services firm with 35 U.S. offices and a development company. For more information, visit transwesterninvest.com.
This document does not constitute an offer, solicitation or recommendation to sell or an offer to buy any securities, investment products or investment advisory services. Any offer or solicitation will be made only pursuant to a confidential private placement memorandum and subscription documents (the “Offering Materials”) and will be subject to the terms and conditions contained in such Offering Materials.