Urban Renaissance Investment Partners I purchased the Five Centerpointe office building, located at 5 Centerpointe Dr in the Kruse Way submarket of Lake Oswego, OR, for $19.8 mil, or $174/sf. The six-story, 113.9k sf office building is currently 85 percent leased.
The buyer is a $200 mil fund formed by Seattle-based investors Urban Renaissance Group and Joshua Green Corp. The property was sold by a pension fund.
Buzz Ellis, Managing Director at Jones Lang LaSalle, handled the transaction on behalf of the seller. The buyer retained JLL’s Ellis and Andrew Rosengarten, Vice President, to handle leasing at the building.