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REDMOND, WA-A fund of ING Clarion Partners LLC is developing a five-story Downtown office building here as part of a larger mixed-use project that includes apartments and a hotel. The New York City-based real estate investment firm says the building is slated for occupancy in third or fourth quarter of 2008.

The 106,136-sf office project will be located within River Park, a master-planned six-acre mixed-use development by Legacy Partners that will include a 319-unit apartment project to be developed by Legacy and Black Rock Realty; a 144-room hotel to be developed and owned by Lodgeworks; and 15,000 sf of street-level retail that will include two full-service restaurants. The projects will share a 750-slip parking garage.

“With a vibrant local economy, low vacancy rates, and a limited amount of new office development, we believe the timing is excellent…,” says ING senior vice president Pete Stone.

The development site sits at the intersection of Redmond Way and 159th Place NE. The property previously held a business park. Nearby amenities include the Redmond Town Center mall and the 27-mile Burke-Gilman Trail, which is adjacent to the site.

Trammell Crow Co. will act as project manager during the construction phase, with John Cox and Brian Hatcher of GVA Kidder Matthews overseeing the leasing.

Group Health Cooperative reportedly will be the key tenant in the office space. ING Clarion could not be reached Monday for comment.

The residential portion of the project is slated for completion in November 2008. The hotel is slated to open in early 2009.

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