High-Tech Office Building on Seattle’s Eastside On Market
Since 2010, over 4,000 multifamily units and 22,000 single family residential units have been delivered to the City of Redmond, with an additional 1,300 units currently approved and permitted.
SEATTLE—Kidder Mathews has been selected to exclusively market the Redmond Technology Center, a 101,728-square-foot, high-tech class A office building located in the Redmond submarket of Seattle. Redmond Technology Center is a LEED Gold certified, trophy-quality asset constructed in 2008.
According to a prepared release, 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. Redmond Technology Center offers walkability to several retail amenities including a Whole Foods-anchored center with numerous dining and shopping options for tenants.
Since 2010, over 4,000 multifamily units and 22,000 single family residential units have been delivered to the City of Redmond, with an additional 1,300 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 the most dynamic of Seattle’s Eastside submarkets over the past twelve months, driven by the explosive growth of Facebook’s virtual reality division and Oculus, who now occupies over 885,000 square feet. This has led to a rapid decline in vacancy to just 1.5% 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 headcount currently in the market.
The seller of the property wasn’t disclosed.