6Y, a Class A office building located in the Central Business District of Portland, has been sold for $47.5 million. The 116,244-square-foot asset is located at 811 SW 6th Avenue and was renovated in 2018 to appeal to tenants seeking creative office space in a walkable location.NKF Vice Chairman Nick Kucha and Directors James Childress and Bill DeLacy represented the seller, a venture of KBS and True North Management Group. The buyer, Deka Immobilien, was advised by Colliers International.
“This well-located, multi-tenant urban office asset received strong interest from a wide range of buyers,” said Kucha. “Given the asset’s high quality, irreplaceable location, tenant buildouts, stable in-place cash flow, and recent leasing velocity, the bidding environment was highly competitive.”
6Y sits at the heart of downtown with a highly coveted location directly on Pioneer Square, which is affectionately known as Portland’s “Living Room” and hosts year-round food trucks and over 300 programmed event days each year. 6Y also offers tenants easy access to all five of the city’s MAX light-rail lines, all three streetcar lines, and 25 bus lines, providing direct connectivity to every neighborhood in the Portland metro.
The 11-story building is currently 90 percent occupied by a diverse mix of office and retail tenants including Industrious, Gensler, and JP Morgan Chase. The recent renovation included an update to the building lobby and the addition of a tenant lounge overlooking Pioneer Square, a 14-person conference room and a high-end bike hub with lockers and storage.
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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.