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September 21, 2020
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Principal Real Estate Investors Purchases Office Condo Portion of Recently Completed Mixed-Use Tower in Portland

4/09/20

Principal Real Estate Investors has purchased the condominium interest for the roughly 172k sf of office space in Broadway Tower, a newly constructed mixed-use tower in Portland comprised of best-in-class office space and a 180-room Radisson RED hotel.

The hotel unit was not a part of the transaction. The property’s office space is 99% leased to stalwart tenants including Amazon, Markowitz Herbold, Cable Huston and Lawyers’ Title, at some of the highest office rental rates in the Portland MSA.

The Broadway Tower Office Unit is a LEED Gold high-rise office tower that offers 11 floors of premium Class A office space with exclusive decks on the top three floors and sweeping views of the city. The 17k sf floorplates, open design, and floor- to ceiling-window lines enabled the delivery of efficient multi-tenant and single-tenant floors with abundant natural light.

The property’s prominent downtown location on Broadway and SW Columbia is adjacent to Portland’s rapidly expanding Portland State University and within a few blocks of several transit options including the Portland Streetcar, MAX light rail, and the TriMet bus mall. There are a several walkable shopping and dining options nearby and the property is located directly across the street from Amazon’s first and largest presence in Portland at 1320 Broadway.

NKF’s Vice Chairman Nick Kucha, Managing Director James Childress and Director Jeff Hodson represented the seller, BDC/Broadway Office LLC, in cooperation with Co-Head of U.S. Capital Markets Kevin Shannon and Senior Financial Analyst James Ikeguchi. The buyer, Principal Real Estate Investors, was self-represented. The price was not disclosed.

The tower was developed by BPM Real Estate Group, led by its Founder/Principal Walter Bowen. It was 94% pre-leased at the time it was completed in November 2018.

The tower’s lower floors are occupied by a 180-key Radisson RED Hotel. That asset was just financed with a $40 mil in non-recourse, cash-out bridge loan arranged by George Smith Partners, as reported on RENTV a few days earlier. The bridge facility allowed the borrower to pay off its construction loan, return capital to investors and provided additional runway for the hotel to ramp-up.





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