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7/06/16
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KBS Capital Advisors has acquired the Commonwealth Building, a 216.1k sf, creative-tech office tower situated in the heart of Portland’s North CBD Tech Cluster.The firm, which purchased the building on behalf of its KBS Growth & Income REIT, paid $69 mil ($319/sf) to Unico Properties LLC for the asset.
Originally built in 1948, the Commonwealth Building was renovated between 2013 and 2015 to convert the mid-century building into a creative-tech office tower blending traditional egalitarian design and unique building amenities with timeless design. The property offers tenants flexible office spaces with abundant natural light and an amenity package featuring a rooftop amenity deck, building conference room, tenant lounge, basement bicycle storage and an on-site fitness center.
Fronting the Sixth Avenue transit mall, the Commonwealth Building boasts a Walk Score© of 100 and a Bike Score© of 98. Additionally, the 95-percent-leased property has been awarded an Energy Star rating and is certified LEED Gold from the U.S. Green Building Council.
Nick Kucha and Nick Kassab of HFF represented the seller in the transaction. HFF’s Tom Wilson and Kevin MacKenzie secured $47.4 mil in acquisition financing for the buyer. The five-year, floating-rate acquisition loan was funded through an insurance company.
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