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1/19/18
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An institutional investor advised by local development partner Specht Development Inc purchased 220 NW Second Avenue, a 238.8k sf, value-add, transit-oriented office tower in the north end of Portland’s CBD. It was sold by Menlo Equities.
220 NW Second offers unmatched connectivity to public transit and sweeping views of the Portland skyline across large contiguous floor plates. The building has served as NW Natural’s headquarters since construction. With NW Natural’s relocation to 250 Taylor, the new ownership will have the opportunity to reposition 220 NW Second by modernizing the lobby, adding first-floor shared tenant amenities and activating existing retail spaces.
Logan Greer, Michael Leggett, Gerry Rohm, Ben Bullock, Dave Otis, Jeff Hodson and Kevin Freels with HFF represented the seller in the deal. The price was not disclosed.
“We continue to see value-add opportunities price aggressively across the Pacific Northwest,” Greer said. “Within the close-end fund space, an immense amount of value-add capital has accumulated and, with few opportunities in the market, we do not expect the pent-up demand for value-add product to decline anytime soon.”
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