Back to Press Room

In the News

December 04, 2018

Keppel-KBS pays $170M for Westpark

Seattle Daily Journal of Commerce

Brian Miller

Westpark, a business park at 8200 - 8644 154th Ave. N.E. in Redmond, has sold for almost $169.4 million, according to King County records.

The seller was KBS SOR Westpark Portfolio LLC, which acquired the property in 2016 for $128 million.

The buyer was Keppel-KBS Westpark LLC. Keppel is a Singapore-based conglomerate. KBS Realty Advisors of Newport Beach, California is the fund manager and may continue to own a stake in the property.

Not all details could be confirmed before deadline.

Brokers, if any, were not announced. The deal was worth about $216 per square foot.

Keppel announced the pending deal in September.

Developed on about 41 acres from 1984 to 1992 by Luis Guincher, the 21-building campus has 782,035 square feet, according to KBS.

It includes Redmond Center Court and Pacific Business & Technology Center (PBTC). All are low-rise buildings with two or three stories. (A different KBS website lists the complex at 778,472 square feet; that works out to about $217 per square foot.)

Westpark is a little northwest of downtown Redmond, and south of the Willows Run Golf Complex.

Kidder Mathews and JLL handle the leasing. The property website indicates about 4.5 percent of the space is vacant. Tenants include Oculus, a division of Facebook.

Last November, a Keppel-KBS REIT paid $371 million for two Bellevue office properties: Bellevue Technology Center, at 2333 158th Court N.E. and related addresses; and the Plaza Buildings, at 10800 and 10900 N.E. Eighth St.

In the September press release, Keppel said that Westpark would be its third local investment. David Snyder of KBS said in a statement, "The acquisition of the Westpark portfolio will strengthen Keppel-KBS US REIT's foothold in the high-growth Seattle MSA. This will allow the REIT to capitalize on strong leasing demand from the technology and professional services sectors in a supply-constrained market, with limited sites available for competitive new development. At the same time, Seattle, being one of the strongest office markets in the United States, will allow the REIT to benefit from steady rent growth of approximately 4 percent by 2020."

The Keppel-KBS REIT was formed in early 2016. It has 11 U.S. office properties with 3.2 million square feet (before the Westpark acquisition), in markets including Austin, Chicago, Sacramento and Atlanta.

For the full story, go to Seattle Daily Journal of Commerce.

©Copyright 2018 Seattle Daily Journal of Commerce

Back to top