By Adina Marcut
JLL worked on behalf of the tenant, Deutsche Asset Management, for the sale of a 133,000-square-foot office building located at 1417 NW Everett, Portland, Ore. Deutsche Asset Management purchased the property from the owner and developer, Gerding Edlen, for an undisclosed price. Buzz Ellis, managing director, and Paige Morgan, executive vice president, led the JLL team on the transaction. Back in April, Deutsche Asset Management sold the $33 million 1776 On The Green, a 150,000-square-foot office tower in Morristown, N.J.
Built in 1927, originally designed by Sutton & Whitney, the office building was renovated back in 2010 by a collaboration between GBD Architects and Ankrom Moisan Architects. Located at 1417 NW Everett St., the development offers convenient access to interstates 5 and 405, as well as Highway 26. The LEED Platinum-certified building includes a 160,000-gallon reclaimed water cistern, a 125-kW solar array and a total of 78 parking spaces.
Previously known as the Meier & Frank Delivery Depot, 1417 NW Everett used to house the department store’s non-retail operations, and from 1986 to 2001, Oregon Historical Society owned and occupied the building. Gerding Edlen purchased the asset in 2007 and implemented a $66 million redevelopment project in 2010. Since then, the building has been transformed into one of the most energy-efficient buildings in the U.S.
“This sale really shines a light on the value of JLL’s collaborative culture—with efforts from Capital Markets, Tenant Representation and Property Management coming together to bring about an excellent result for our clients,” Ellis said in a statement. “Given the unique nature of this three-party transaction, the deal would not have come together without the top-notch professionalism shown by the current tenant, Deutsche Asset Management, and Gerding Edlen,” Morgan added.
Image courtesy of JLL