JV Sells 175 KSF Portland Asset

By Razvan Cimpean

1320 S.W. Broadway St. in Portland, Ore.

Urban Renaissance Group and Clarion Partners sold the former Oregonian Building, a 175,000-square-foot office and retail building in Portland’s central business district. A real estate fund managed by Credit Suisse Asset Management purchased the property for $95 million.

Located at 1320 SW Broadway St., the six-story building sits within walking distance of multiple public transportation, dining and entertainment options, including Raven & Rose, Katie’s Cafe and Oregon History Museum.

Multimillion-dollar renovation

The joint venture acquired the property in 2014 from The Oregonian Media Group for $14.2 million and has restored and renovated the asset as part of a multimillion-dollar program. The owners teamed up with local architecture firm Allied Works Architecture and local construction company Fortis Construction to finish the renovation and restoration. The process included upgrades to the architectural features, the grand entrance lobby, a new outdoor rooftop terrace and new bike parking with shower and locker facilities. The asset also features 81 parking spaces and 4,000 square feet of retail space.

“After successfully completing the renovation and lease-up of the building, the team decided that the time was right to sell, given the strong demand for office product in Portland,” Tom Kilbane, vice president & regional general manager of Urban Renaissance Group, said in prepared remarks.

In another recent Portland transaction, Citrine Advisors purchased the nearby Concord Building, a 27,500-square-foot office building.

Image courtesy of Yardi Matrix