(EDITOR’S NOTE: According to King County public records, the property was purchased by Alliance Residential. Cosmos Development Co. was the seller in the transaction.)
SEATTLE – July 18, 2022 – CBRE announced the $35 million sale of a land parcel in downtown Redmond, Wash., to an undisclosed buyer. CBRE’s Eli Hanacek, Jon Hallgrimson, Mark Washington and Kyle Yamamoto represented the seller. The 99,883-sq.-ft. parcel is fully entitled for development into 425 residential units.
Located at 16135 NE 85th St., the rectangular parcel is near the geographic center of downtown Redmond. It is within walking distance of the future Downtown Redmond Link light rail station, expected to be complete in 2024. The site is surrounded by parks, trails, restaurants, breweries, retail, transportation and several large employers.
“This was a rare opportunity to acquire a nearly 100,000-sq.-ft., fully entitled residential development site in one of the region’s most coveted cities for both residents and employers. We worked with the seller to vet multiple options and land on the right capital to make the deal happen,” said Jon Hallgrimson, vice chairman, CBRE.
Initial plans proposed prior to the sale called for two nine-story apartment towers with ground-floor retail space. The design included one-, two- and three-bedroom floorplans.
Redmond is known for its concentration of industry-leading companies and highly skilled talent. Top companies in the fields of enterprise software, cloud technology, interactive media and gaming, and space tech all have offices in Redmond. The city is home to approximately 5,900 businesses and 90,000 employees. About half of Redmond residents are renters, with the average single-family home sales price in the area standing at around $1.3 million.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.