{"id":1004124718,"date":"2015-08-06T05:39:29","date_gmt":"2015-08-06T13:39:29","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004124718"},"modified":"2020-05-10T23:21:14","modified_gmt":"2020-05-11T07:21:14","slug":"prudential-pays-in-portland","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/prudential-pays-in-portland\/","title":{"rendered":"Prudential Pays in Portland"},"content":{"rendered":"<div id=\"attachment_1004124720\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/08\/Block-300.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004124720\" data-attachment-id=\"1004124720\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/prudential-pays-in-portland\/block-300\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/08\/Block-300.jpg\" data-orig-size=\"1024,683\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;8&quot;,&quot;credit&quot;:&quot;Bruce Forster&quot;,&quot;camera&quot;:&quot;NIKON D7100&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1425459838&quot;,&quot;copyright&quot;:&quot;\\u00a92015 Bruce Forster Photography&quot;,&quot;focal_length&quot;:&quot;62&quot;,&quot;iso&quot;:&quot;400&quot;,&quot;shutter_speed&quot;:&quot;0.001&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Block 300\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/08\/Block-300.jpg?w=1024\" class=\"wp-image-1004124720 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/08\/Block-300.jpg\" alt=\" 308 S.W. Second Ave., Portland\" width=\"300\" height=\"200\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/08\/Block-300.jpg 1024w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/08\/Block-300.jpg?resize=300,200 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/08\/Block-300.jpg?resize=768,512 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004124720\" class=\"wp-caption-text\">308 S.W. Second Ave., Portland<\/p><\/div>\n<p><em>By Scott Baltic, Contributing Editor <\/em><\/p>\n<p><a href=\"https:\/\/www3.prudential.com\/prei\/main\/index.shtml\" rel=\"nofollow\" target=\"_blank\">Prudential Real Estate Investors<\/a> has acquired Block 300, a 361,800-square-foot Class A office property in downtown Portland, Ore., on behalf of institutional investors, PREI announced Tuesday. Financials on the transaction were not disclosed, but the Portland Business Journal reported online that the property had been marketed by Eastdil Secured and estimated that the sale garnered about $153 million, or about $425 per square foot.<\/p>\n<p>The 10-story Block 300, at 308 S.W. Second Ave., was built in 1991 and won LEED Gold certification in June 2014 as part of substantial renovations it underwent in 2013 and 2014. Other upgrades included a fully redesigned lobby; an updated fitness center with locker rooms and secure bicycle parking; a new conference center on the lobby level, exclusively for tenant use; and elevator cab and common area restroom updates. All renovations were designed by the building\u2019s original architectural firm, Portland-based ZGF.<\/p>\n<p>\u201cThe recently renovated Block 300 will continue to benefit from increased demand from technology companies seeking Class A office space with modern amenities, efficient floor plates and easy access to mass transit,\u201d Kevin Smith, head of Americas at PREI, said in a prepared statement. \u201cOur purchase is a continuation of our strategy to pursue urban office properties below replacement cost to capitalize on the expanding job market and deliver strong and stable cash flows to our investors.\u201d<\/p>\n<p>According to the Block 300 website, the building has about 33,600 square feet of available office space, on the second and seventh floors, indicating an office vacancy of about 9.2 percent. Current tenants reportedly include tech companies Aruba Networks, CrowdCompass and Puppet Labs.<\/p>\n<p>Over the past 12 months, office transaction velocity in Portland jumped 40 percent following just a 4 percent rise in the prior period, according to a second-quarter report from Marcus &amp; Millichap. High demand for quality assets in Portland\u2019s CBD reportedly drove the average sale price for Class A properties metrowide up 47 percent, to $261 per square foot in the first quarter.<\/p>\n<p>Interestingly, the report stated: \u201cRenovated office buildings in the Pearl District and near downtown Portland will attract buyers seeking stability.\u201d<\/p>\n<p>In mid-May, <a href=\"https:\/\/www.commercialsearch.com\/news\/regions\/southeast\/prudential-grabs-mixed-use-center-in-naples-fla\/1004119192.html\">PREI acquired the retail and office portions of Mercato<\/a>, a mixed-use development in Naples, Fla., from an ownership group comprising Barron Collier Cos., the Lutgert Cos. and Madison Marquette, for a reported $240 million. Completed in 2009, Mercato consists of 13 buildings on 53 acres and totaling 321,000 square feet of retail space, 135,000 square feet of Class A office and 92 separately owned residential condominiums<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Prudential Real Estate Investors has gone techie in the largest city in Oregon with a new purchase.<\/p>\n","protected":false},"author":1269,"featured_media":1004124720,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,21742,21747,15],"tags":[],"class_list":["post-1004124718","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-latest","category-office","category-west"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Prudential Pays in Portland - 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