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December 11, 2017
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SteelWave and Barings Real Estate Advisers Close $68 Mil Portland Office Buy

12/05/17

A 208.5k sf, Class A office tower in Portland – 400 Sixth Avenue – traded hands in a $68 mil ($326/sf) transaction. The buyer is a joint venture between SteelWave and Barings Real Estate Advisers, acting on behalf of an institutional investor.

Situated on a half-city block in the heart of Portland’s CBD, the 11-story, multi-tenant property features up to 17-foot slab-to-slab heights, unique 10-foot window lines, subterranean parking, bike storage, fitness center and a tenant lounge. The transit-oriented tower is strategically positioned on the transit mall, which allows direct access to bus and light rail, allowing tenants a multitude of transportation options. It also provides unobstructed views of Mt. Hood to a potential new anchor tenant.

Nick Kucha and James Childress with NKF Capital Markets, who recently joined as part of the Pacific Northwest Capital Markets team covering Portland and Seattle, represented the seller, Felton Properties. David Squire, also with NKF, provided local leasing advisement during the sale process. The buyer was self-represented.

“We have been evaluating the Portland market for two years and are excited to make our entry into Portland, in this cycle, by acquiring an asset with such great potential. With our partner, Barings, we have significant improvement plans for this asset,” said Managing Director of Acquisitions and Development Peter Llorente with SteelWave.

The buyers plan to reposition the well-located asset to creative office space and will also add to and modernize the existing amenities in order to create a best-in-class tenant experience. According to Chris Black, Managing Director with Barings Real Estate Advisers, highly amenitized common areas will be constructed and office spaces will be built out to accommodate tenants desiring a collaborative work environment.






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