CBRE Facilitates Off-Market Sale of Vibe® Redmond

CBRE arranged a $45 million off-market sale of Vibe® Redmond, a three-building Class A office complex in Redmond, to Muslim Association of Puget Sound (MAPS) and Medina Academy.

Tom Pehl, Charles Safley and Jeff Hodson of CBRE’s Capital Markets team in the Pacific Northwest represented the seller, Vibe Brand Boutique Office Properties. Jim Reed and Adrienne Hunter with Lee & Associates represented the buyers.

“The sale of Vibe Redmond was a strategic opportunity for our client to successfully complete its investment strategy in the asset. This enabled MAPS and Medina Academy to secure the optimal location for their future growth in the Eastside market,” said Pehl.

Vibe Redmond is located at 5000, 5010 and 5020 148th Avenue NE in Redmond, across from a large technology company. The office complex was developed in 1982 and sits on 7.7 acres, totaling 146,165 sq. ft.

Medina Academy will use Building A for a middle school and high school. MAPS will convert Building C into a mosque and spiritual center once the property is vacated. MAPS also plans to make Building B into an education and outreach center.

Sales volume increased 35% in the first quarter as lower office prices attracted opportunistic investors, according to CBRE Research. The Redmond office market has one of the lowest vacancy rates in the Puget Sound region, far below the 26.9% market average.