Construction will begin on ‘Canvas’ in early October 2018
Seattle, Wash. (October 3, 2018) – The Press Blocks development partnership of Urban Renaissance Group and Security Properties announced today that Invesco Real Estate, a global real estate investment manager, has joined the partnership as an investor for Canvas, an office building within the three-building mixed-use Press Blocks development, located in downtown Portland in the Stadium District.
The partnership will commence construction of the Canvas at Press Blocks office building in early October starting with the demolition of the existing concrete building located at 817 SW 17th Ave. The new building is scheduled for substantial completion in May 2020.
Located on one and a half blocks in the Stadium District directly east of Providence Park, Press Blocks is a three-building master development, including:
- 138,000 square foot, eight-story Canvas office tower, which is now breaking ground
- 30,000 square foot, three-story Plaza office and retail building
- 341-unit, 23 story luxury apartment tower
The site, previously home to the Oregonian newspaper’s printing facilities, was acquired by Urban Renaissance Group from the Oregonian’s parent company in February 2017. “The Press Blocks development will be transformational for the Stadium District. The scale and mix of uses will create a sense of place and bring a new level of vibrancy to the neighborhood,” according to Pat Callahan, the CEO of Urban Renaissance Group.
Urban Renaissance Group previously acquired and redeveloped the Oregonian newspaper’s headquarters building located at 1320 SW Broadway. Over the last 36 months, URG has developed and delivered 1.6 million square feet of office space and 520 hotel rooms in the Pacific Northwest. Security Properties most recently developed Heartline, an apartment tower and office building project in the Pearl District.
About Invesco Real Estate
Invesco Real Estate is a global leader in the real estate investment management business with $65.3 billion in real estate assets under management, 489 employees and 21 regional offices across the U.S., Europe and Asia (as of 06/30/18). Invesco Real Estate has been actively investing in core, value-add and opportunistic real estate strategies since 1992. Invesco Real Estate is a business name of Invesco Advisers, Inc., an indirect, wholly-owned subsidiary of Invesco Ltd. Invesco Ltd. is an independent investment management firm dedicated to delivering an investment experience that helps people get more out of life. NYSE: IVZ; www.invesco.com
About Urban Renaissance Group
Urban Renaissance Group LLC is a Seattle-based full-service commercial real estate company, engaged in acquisitions, development, asset management, leasing, property management and ownership in Seattle, Bellevue, Denver and Portland. Founded in 2006, the strategic premise of Urban Renaissance Group (URG) is that the form of the American City is changing. URG acts as a catalyst that understands and ignites that change, thereby building community, generating appropriate returns for its investors and opportunities for its partners and employees. Learn more atwww.urbanrengroup.com.
About Security Properties
Security Properties is a national real estate investment, development, and operating company headquartered in Seattle, Washington. For more than 48 years, Security Properties has provided quality housing to its residents as well as excellent financial performance for its investors. Since its founding, Security Properties has acquired or developed over 83,000 residential units at a cost of over $5.7 billion. Security Properties maintains a focused multi-family strategy supported by integrated teams of professional acquisition, development, construction, investment, and property management specialists. For more information, visit www.securityproperties.com.
