Westpark Business Park Office/Flex Business Park Redmond, Washington

 

Background

In 2006. Capstone Partners and RREEF formed a partnership to redevelop this 1980’s business park. The 21 building 750,000 square foot complex was 69% occupied at the formation of the joint venture. Half of the buildings were two story concrete buildings with mezzanine office and half were single story manufacturing / office facilities. The zoning for the project was split between Business Park (BP) and Manufacturing Park (MP). Average rents across the project were under $12 nnn. Capstone, RREEF, a leasing team from CB Richard Ellis embarked on an ambitious re-vitalization plan which included the following elements:

  • $2 million of physical upgrades including lobbies, landscaping, paint, and common areas for 19 of the 21 buildings.
  • Project name and signage rebranding.
  • Identification analysis.
  • Indentify redevelopment opportunities.

Result

  • The project is 90% occupied.
  • Average rents have risen 25%.
  • The entire exterior appearance of the project and 6 major building lobbies have been updated.
  • Identified over 210,000 square feet of accretive re-development opportunities

Strategic Project Partners

Architect: Lance Mueller & Associates, JPC Architects, Burgess Design
Civil Engineer: W & H Pacific
General Contractor: Foushee and Associates
Marketing Firm: CB Richard Ellis

Project Statistics

Total Rentable SF:
• 776,000 SF

Land Area:
• 26 acres