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Rialto Capital Management LLC Buys Two-Building Office Property in Portlandís Pearl District

3/19/20

A Rialto Capital Management LLC-managed fund purchased Fremont Place I and II, two- and three-story office buildings totaling 123.6k sf of space in the Pearl District of Northwest Portland. The buy was funded with $37.3 mil in acquisition financing.

Fremont Place I and II is located at 1650 and 1750 NW Naito Pkwy in the North Pearl District/Slabtown neighborhood of Downtown Portland. The property is positioned directly along the Willamette River and offers convenient accessibility to the Max and Streetcar lines as well as Interstate 450, the primary north/south arterial through Downtown Portland. Originally built in 1987, Fremont Place I and II has been recently renovated and additional upgrades to the interior and exterior, including an outdoor amenity space, are scheduled for the near future. The 62%-leased complex is home to tenants in the telecommunications, engineering and healthcare industries, among others.

Casey Davidson and Zachary Kersten with JLL Capital Markets arranged the five-year, floating-rate acquisition/bridge loan through a debt fund. Loan proceeds will be used to acquire and transform the project into an urban waterfront campus through a series of interior and exterior renovations.
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