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6/05/19
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PCCP LLC has acquired Park Square, a two-building, 296k sf office property located on the south end of the Portland Central Business District. The property traded for $96.5 mil, or $326/sf.
Park Square consists of two buildings connected by a thoughtfully designed, lobby/great room which includes multiple seating areas, a fireplace and lounge area, and a high-end, local soup and salad bar. The nearly fully-leased asset was substantially repositioned in 2016 in a project that included the renovation of its 8k sf lobby/great room.
The first building is the single-tenant, six-story, 181k sf Woolworth Building located at 1621 SW 1st Ave. The structure was originally a build-to-suit for the tenant who has occupied the space since it was constructed in 1984.
The second property was built in 1964 and is located at 100 SW Market Street. The seven-story asset totals 113.7k sf and is leased to three investment-grade credit tenants.
“PCCP continues to target downtown Portland as an investment market and this building has a favorable mix of cash flow and credit tenancy in a high quality, well-located asset,” said Matt Cochran, Vice President with PCCP. “The recent repositioning of the common areas is a great amenity and creates an active and engaging meeting place for the employees.”
PCCP has engaged the Portland office of Urban Renaissance Group (URG) to manage the asset. URG is one of the top real estate operators in the Pacific Northwest with over 8 msf owned or managed in Portland, Seattle and Denver.
Park Square is adjacent to the SW Portland Pedestrian trail, a half-mile tree-lined walking trail that connects SW Market and SW Lincoln streets. Additionally, it is located three blocks from the Tom McCall Waterfront Park, which offers scenic views of the Willamette River and running and biking trails along the Willamette. Finally, the property benefits from proximity to Oregon’s largest university Portland State, access to all of Portland’s major freeways, and proximity to the heart of the central business district.
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