PORTLAND, OR – July 5, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $69 million sale of and arranged $47.4 million in financing for the Commonwealth Building, a 216,099-square-foot creative-tech office tower situated in the heart of Portland’s North CBD Tech Cluster.
HFF marketed the property on behalf of the seller, Unico Properties LLC. KBS Capital Advisors purchased the asset on behalf of KBS Growth & Income REIT, and was assisted by HFF in securing a $47.4 million, five-year, floating-rate acquisition loan through an insurance company.
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.
The HFF investment sales team representing the sellers was led by senior managing director Nick Kucha and director Nick Kassab.
HFF’s debt placement team was led by senior managing directors Tom Wilson and Kevin MacKenzie.
“The Commonwealth Building was a catalyst for the creative-tech movement to the northern central business district,” said Kucha.
About Unico Properties LLC
Unico Properties LLC (Unico) is a real estate investor and full-service operator, focused on office and multifamily assets in the western United States. For nearly 60 years, its investors and partners have relied on Unico for its local knowledge, institutional rigor and boutique service, which consistently deliver results. Founded in 1953, Unico is headquartered in Seattle, Washington. With more than 10 million square feet of LEED-certified properties, the company is a leader in sustainable best practices, developing and managing some of the world’s highest performing green buildings and transforming the built environment. For more information about Unico, please visit the firm’s website at www.unicoprop.com.
About KBS Capital Advisors
KBS Capital Advisors is KBS Growth and Income REIT’s external advisor and is an affiliate of KBS Realty Advisors (KBS), a private equity real estate company and SEC-registered investment adviser founded by Peter Bren and Charles J. Schreiber in 1992. Since its inception, KBS and its affiliated companies have completed transactional activity of more than $31 billion via 14 separate accounts, six commingled funds, five sovereign wealth funds and five non-traded REITs. For information, visit www.kbs.com.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.