HFF Does Double Duty on Portland Office Campus Deal
- Nov 18, 2016
By Gail Kalinoski
Portland—Park Square Campus, a 295,767-square-foot, two-building creative office campus in Portland’s CBD, got a new owner with a double dose of help from HFF. The firm closed the $94.4 million sale of and arranged $42.4 million in financing for a CBRE Global Investors client.
HFF marketed the 1.75-acre property on behalf of Clarion Partners LLC, a New York-based investment advisor and real estate investment manager that was acting as advisor to a separate account client. The purchaser was a European separate account client advised by Los Angeles-based CBRE Global Investors.
CBRE Global Investors was assisted by HFF in securing a fixed-rate acquisition loan for the client through Deutsche Bank. The HFF investment sales team representing the sellers was led by senior managing directors Nick Kucha and Michael Leggett. HFF’s debt placement team was led by Managing Director Casey Davidson.
The mid-rise towers, built in 1969 and 1983, were converted in 2015 into creative office buildings that integrate outdoor and indoor amenity space for work and play. Amenities include the communal 8,000-square-foot Great Room, outdoor dining spaces with fire pits, showers, lockers and bicycle storage. The campus, which is 97.5 percent occupied, has been awarded an ENERGY Star rating of 100. Located at 100 SW. Market St. in downtown Portland, the site has convenient access to mass transit.
CBRE Global Investors noted that Portland’s population has been growing as people, particularly millennials, are attracted to the increasing job opportunities, lower cost of living and higher quality of life.
“With a strong job market and an unemployment rate that has fallen below the national average, coupled with its natural beauty, Portland is a desirable market benefiting from its role as a relatively low-cost tech hub as well as the diverse roster of other industries,” Stu Sziklas, managing director and portfolio manager, CBRE Global Investors Americas, said in a prepared statement. “The quality and location of Park Square make it an ideal fit for our client’s portfolio.”
CBRE Global Investors has $87.9 billion in assets under management as of Sept. 30. Last month, a fund advised by the firm acquired California Plaza, a 394,000-square-foot, Class A office asset in Walnut Creek, Calif., for an undisclosed amount from Tishman Speyer. Also in October, the firm bought a 613,500-square-foot distribution center in suburban Atlanta and a 440-unit apartment complex in Baltimore.
HFF has also been busy in recent weeks with multiple deals including handling the sale of a 169,856-square-foot grocery-anchored retail center in Elizabethtown, Pa.; a 142,009-square-foot office building in Houston; the Hyatt Regency Sarasota, a 294-key, full-service hotel in Sarasota, Fla.; an 85,078-square-foot grocery-anchored retail center in Naples, Fla.; and the 58,634-square-foot retail portion of the Suwanee Town Center in Atlanta.