A Portland investor has scooped up one of Lynnwood's biggest suburban office towers for $48.5 million, betting hard on a stretch of the Northend that is quickly turning into a transit‑oriented hotspot. The six‑story Class A building, Redstone Corporate Center I, sits a short walk from Alderwood Mall and the Lynnwood City Center Link station. Owner representatives said the property was largely leased at the time of the sale, with a major corporate tenant expected to move in. The deal underscores that investors still have an appetite for stabilized office properties near light rail and shopping, even as the broader office market stays choppy.
Sale details and buyer
According to the Puget Sound Business Journal, Portland‑based Felton Properties paid $48.5 million for Redstone Corporate Center I. The sale closed in early January. At the time, the building was reported to be about 87.5% leased, with ownership indicating that a Fortune 500 tenant is expected to take space, adding another marquee name to the tenant roster.
About the building
Redstone I is a roughly 209,000‑square‑foot, six‑story office building at 19020 33rd Ave W. Brokers market it as Class A space, with more than 360 parking stalls and recently refreshed lobby and common areas. Multiple floor plates are being marketed for lease even as the property maintains strong occupancy, according to commercial listings. For detailed specs and current availabilities, see LoopNet.
Why it matters for Lynnwood
The timing of the sale lines up with the City Center + Alderwood subarea plan, adopted June 23, 2025, which is reshaping the Alderwood corridor into a denser, transit‑oriented hub featuring two Link stations along with new housing and jobs. City planners and brokers say properties within walking distance of the Lynnwood City Center Link stop are poised to become increasingly attractive to both corporate tenants and investors as the subarea fills in. For context on the plan and how Redstone I fits into that picture, see the planning materials from the City of Lynnwood and the offering documents from JLL.
Background and market signal
Redstone I is no stranger to investor interest. The broader Redstone complex changed hands as part of a multi‑asset portfolio in 2018, a reminder that Alderwood‑adjacent office properties have drawn institutional buyers before. Observers say deals like this highlight a continued search for stabilized income, ample parking and strong transit access in suburban employment centers as downtown office markets evolve. For prior transaction coverage and more on the new owner, see reporting from The Registry and the company profile at Felton Properties.
