Portland Office Development Changes Hands

ACORE Capital provided the buyer of the 191,500-square-foot project with nearly $100 million in acquisition financing.
250 Taylor development site. Image via Google Maps

Arthur Mutal has sold 250 Taylor, a 191,500-square-foot office development in Portland, Ore., to Prospect Ridge, according to data from Yardi Matrix. ACORE Capital provided the buyer with $97.9 million in acquisition financing through a 10.5-year, fixed-rate mortgage, according to Commercial Observer. The project broke ground in early 2018, with delivery slated for early 2020.

Located downtown, the 10-story development is two blocks from the Willamette River between the Morrison and Hawthorn bridges. A station on the city’s light rail system is one block north of the 0.3-acre project site. Portland’s central business district has seen its share of investment this year: in June, PCCP LLC paid $96.5 million for a nearly 300,000-square-foot office property half a mile south of 250 Taylor.

Plans for the building call for 9 floors of office space above 10,603 square feet of street retail. The development is designed to achieve LEED Gold certification. The property is fully leased to NW Natural, which will shift its headquarters to the property upon delivery. The natural gas distributor presently operates out of New York Life’s One Pacific Square 1 mile north.