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2/17/20
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Portland-based Libertas Companies closed on a local office buy, acquiring Harrison Square, a 187k sf office building in Portland’s South Central Business District. Although the purchase price was not immediately given out, we do know that the transaction was financed with a $41.39 mil acquisition loan arranged by Zachary Kersten and Casey Davidson with JLL Capital Markets.
The six-year, floating-rate loan was funded by a national money-center bank. Loan proceeds were used to acquire the office building and provide a portion of future leasing costs.
Harrison Square is located at 1800 SW 1st Ave in the Southern End Innovation District, surrounded by major employers such as Oregon Health Sciences University, Portland State University, Under Armour, Jacobs Engineering and Cambria. Boasting a Walk Score® of 91 and a Transit Score® of 90, the property has connectivity to an array of local amenities, including Tom McCall Waterfront Park, Pioneer Courthouse Square, the Central Eastside and Downtown’s Cultural District.
Harrison Square is just 0.5 miles from Interstate 405 providing connections to Highway 26 and Interstate 5. Recently renovated in 2019, the 93%-leased property comprises two, six-story buildings connected on each level via a sky bridge, and a 265-space, below-grade parking garage.
“Harrison Square is uniquely positioned in the highly desirable central business district of downtown where both asking rents and rent growth rank among the strongest in the MSA,” Kersten said. “Harrison Square presents tenants a great opportunity to be positioned in a transit-oriented location with ample parking, quick access to the Close-in Eastside and the overall Greater Portland freeway network.”
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