LA Investor Bullish on Portland Office Market
- Jul 16, 2015
By Ioana Neamt, Associate Editor
An affiliate of L.A.’s Saban Capital Group (SCG) has secured $42 million in refinancing for a Class A office building in Portland, Ore.
According to a prepared statement, SGSA II LLC enlisted the help of HFF to refinance an existing loan on 1201 Lloyd, a 225,057-square-foot office asset at 1201 NE Lloyd Blvd. An HFF debt placement team led by senior managing director Paul Brindley and associate director Erica Christensen secured the loan with a life company lender.
1201 Lloyd consists of an 11-story office tower and a five-story, 475-space parking garage developed by 1201 Lloyd Associates LLC. The property is conveniently situated along the I-84, within walking distance of the Oregon Convention Center, Holladay Park, the Lloyd Center Mall and the Moda Center. The building also offers easy access to three light-rail lines, a TriMet bus stop and a Portland Street car stop.
“Projects such as Hassalo on Eighth, the Lloyd Center Mall renovation and the newly remodeled Hotel Eastlund are bringing new residents and amenities to the Lloyd District,” Christensen said in a statement. “1201 Lloyd and other Class A office assets in that submarket, which are already enjoying a market vacancy hovering around five percent, stand to benefit further from the neighborhood’s revitalization,” Christensen explained.
Image courtesy of Knife River