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8/12/24
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Montgomery Park, a 768.4k sf, multi-tenant office campus located in Portland’s Slabtown submarket, traded hands in a recent sale. The seller was an entity indirectly owned by a group of banks that foreclosed on the property in February 2024. The price was not disclosed.
Located at 2701 NW Vaughn St, Montgomery Park is prominently positioned, offering tenants a suburban campus-like environment with abundant parking and proximity to urban amenities and transportation, including direct access to Highway 30 and Interstate 405. The property's stature is further enhanced by its panoramic views of the Portland skyline, West Hills and Willamette River.
The landmark building, originally constructed in 1921 as the Montgomery Ward & Company warehouse, served as a key distribution center for the renowned retail company. In 1989, it was meticulously renovated, transforming into a modern office complex while preserving its storied past. Montgomery Park stands today as a testament to Portland's architectural and industrial heritage.
Montgomery Park's historical charm is complemented by modern enhancements, such as its Energy Star certification and a solar array installed in 2017. The property is currently anchored by notable tenants, including Daimler Trucks North America and Adidas America Employee Retail Store.
Newmark Vice Chairman Nick Kucha, Senior Managing Director James Childress, Director Kellen Kollmorgen and Director Jakob Nicholls represented the seller, Montgomery Park Property Owner LLC, in the transaction.
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