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December 5, 2019
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Gerding Edlen Buys Portland Office High-Rise for $131.5 Mil

11/12/19

A Gerding Edlen affiliate has closed on the purchase of Power + Light, a 272k sf, Class A office building in Portlandís Central Business District. The building, located at 920 SW Sixth Ave, sold for $131.5 mil ($483/sf).

Photo: www.esidesign.com
Photo: www.esidesign.com
The 15-story building is currently occupied by a diverse mix of office and retail tenants. A recent $9.4 mil repositioning included an overhaul of the building lobby and the addition of a high-end fitness center equipped with shower and locker facilities, bike storage and an indoor/outdoor rooftop tenant lounge. The work was designed to appeal to tenants seeking creative office space in a walkable location.

Nick Kucha and James Childress with Newmark Knight Frank, along with Buzz Ellis and Rob Hielscher with JLL, represented the seller, an affiliate of Beacon Capital Partners. The buyer represented itself.

"Beaconís creative conversion of this historic icon in the Portland skyline has transformed Power + Light into a market-leader that competes even with newly constructed office assets throughout the city,Ē said Kucha. "This, combined with its irreplaceable location, has driven a successful lease up that has outperformed other areas within this market."

Power + Lightís highly coveted location at the heart of downtown is just blocks from Pioneer Square, which hosts year-round food trucks and over 300 programmed event days each year. Power + Light also offers tenants easy access to Portlandís multi-modal transit hub, including all five of the cityís MAX light-rail lines, all three streetcar lines, and 25 bus lines, providing direct connectivity to every neighborhood in the Portland metro.




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