Miller Global Properties Sells Portland Office Building

CBRE Global Investors paid $76.6 million for the eight-story property which is located in the Pearl District, one of the city's high-profile submarkets.

One of the largest projects in the Pearl District submarket—the 183,000-square-foot 9North creative office building—has reached completion and has already found a buyer. According to real estate data provider Yardi Matrix, CBRE Global Investors bought the asset from Miller Global Properties Fund VIII for $76.6 million. 

Pearl District is one of Portland’s high-profile submarkets and is attracting both investors and developers. Williams & Dame broke ground on 9North at the end of 2016. Hacker Architects, GBD Architects and Howard S. Wright Construction were also part of the development team.

9North is located at 1250 N.W. 9th Ave., minutes away from the high-end Canopy by Hilton Hotel, which opened last year. The eight-story property provides six floors of office space above 5,100 square feet of ground floor retail space and a structured parking, and is proposed for LEED Silver Certification. Amenities include an on-site conference center, rooftop terrace, fitness center, bike parking and a bike repair station as well as showers and locker rooms.

The office property can be accessed via interstates 405 and 5 as well as highway 30 and Martin Luther King Boulevard. The area is highly transited and provides access to a variety of dining venues.