Portland, OR (May 9, 2019) — ASB Real Estate Investments (ASB) announced today the acquisition of a 117,591-square-foot creative office building in the city’s dynamic, close-in Slabtown neighborhood for $67.5 million. The purchase from Cairn Pacific and Capstone along with its institutional investment partner was made on behalf of the ASB Allegiance Real Estate Fund, a $7.5 billion core investment vehicle.
Located at 2175 NW Raleigh St., the brick-façade Leland James Building was constructed in 1973 and fully redeveloped in 2018. The asset features large 36,000-square-foot floorplates, up to 15-foot ceiling heights, and underground parking for 74 cars and 124 bicycles. The LEED Gold-certified property is 80% leased, anchored by two large tenants: the Regus co-working brand, Spaces, and the headquarters of Jet Global, a leading world-wide data analytics firm. Tenants have immediate access to I-405 and US-30 from the property and are one block from two major bus lines with direct routes to Portland’s CBD. Streetcar service is four blocks away.
Aaron Duncan, ASB Senior Vice President for the West Coast region, said: “The property is ideally positioned in the heart of one of Portland’s fastest growing, emerging districts at the north end of the 21st and 23rd Avenue retail corridors and within the Conway Blocks master-planned, mixed-use development. Low market vacancy and a highly attractive, live-work-play environment should facilitate the remaining lease-up of this best-in-class asset.”
Newmark Knight Frank Vice Chairman Nick Kucha, and Directors James Childress and Bill DeLacy acted as the sole broker on behalf of the seller.
About ASB Real Estate Investments
ASB Real Estate Investments (ASB), a division of ASB Capital Management, LLC, is a leading U.S. real estate investment management firm with $8.0 billion* in gross assets under management for over 340 institutional clients. Headquartered in Washington DC, ASB invests in major urban markets across the country, concentrating in office, multifamily, retail and industrial properties. ASB manages the ASB Allegiance Real Estate Fund, its sole vehicle for core investing and the ASB Meridian Real Estate Funds, a series of low-leverage value creation vehicles. For more information about the company, visit www.asbrealestate.com.
*As of 03/31/19.
Newmark Knight Frank (“NKF”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, NKF’s 16,000 professionals operate from approximately 430 offices on six continents. NKF’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.