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8/05/19
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An 11-story, 116.2k sf office building in Portland’s Central Business District traded hands in a recent $47.5 mil ($409/sf) transaction. The creative office building, known as 6Y, was acquired by Deka Immobilien (Deka). The seller was a joint venture of KBS and True North Management Group.
Located at 811 SW Sixth Avenue, the building was repositioned through a strategic renovation that included upgraded creative office suites, a tenant lounge and a contemporary lobby. The property occupies a corner parcel overlooking Pioneer Square, the focal point for Portland’s Central Business District. 6Y offers tenants easy access to all five of the city’s MAX light-rail lines, all three streetcar lines, and 25 bus lines, providing direct connectivity to every neighborhood in the Portland metro.
The 11-story building is currently 90% occupied by a diverse mix of office and retail tenants including Industrious, Gensler, and JP Morgan Chase. The recent renovation included an update to the building lobby and the addition of a tenant lounge, a 14-person conference room and a high-end bike hub with lockers and storage.
The property was purchased by Deka’s open-ended, dollar-denominated North America Fund (DINA) and marks its third U.S. acquisition over the past nine months and its first in Oregon.The fund previously acquired a grocery-anchored retail property in New Jersey and an office building in Washington, DC.
Robert Stamm, Andres Roldan and Chris Johnson with Colliers International represented the buyer. Nick Kucha, James Childress and Bill DeLacy with Newmark, Knight Frank repped the seller in the deal.
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