Portland, Oreg. (October 9, 2023) – Kidder Mathews brokers Darren Tappen, Sean McCarthy, and Brandon O’Leary represented Genworth in selling The Gregory in Portland, Oregon. The buyer, Jewell Capital, acquired the office-retail asset for $5,700,000 ($121 per square foot).
Constructed in 2001, The Gregory is part of a larger mixed-use project incorporating 133 high-end residential condominiums (which were not included in the sale). The acquisition totaled ±50,000 square feet of improvements with three floors of office over street retail. At the time of the sale, The Gregory was 55% occupied by local retailers and a mix of professional office users in a variety of suite sizes, many with high ceilings offering a creative office environment.
“The attractive acquisition cost basis will allow this highly experienced new ownership group to execute a thoughtful lease-up to stabilization strategy, building upon the existing core tenancy,” says Tappen.
Located at 425 NW 10th Avenue, The Gregory is in the heart of the Pearl District, one of the most desirable locations within the larger Portland metro. The Pearl is known for its unique mix of culture, art, and dining and offers an exceptional atmosphere for quality office space. In addition, the property’s location is well-connected to freeways and multiple transit options, including Union Station and adjacent to the Portland Streetcar.
“The Gregory’s unique location, along with its image and characteristics, offered an extremely compelling value position,” says McCarthy.
About Kidder Mathews
Kidder Mathews is the largest independent commercial real estate firm on the West Coast, with over 900 real estate professionals and staff in 20 offices in Washington, Oregon, California, Nevada, and Arizona. Kidder Mathews offers a complete range of brokerage, appraisal, asset services, consulting, and debt & equity finance services for all property types. The firm performs $12 billion in transactions, manages 53 million square feet of space, and conducts 2,800 appraisal, consulting, and cost segregation assignments annually.