PORTLAND, Ore. – January 24, 2023 – The 11W partnership of Downtown Development Group (the Goodman family) and Investment firm Cresset Partners are excited to announce the signing of a 12,339 SF lease with law firm Orrick, Herrington & Sutcliffe (“Orrick”). Orrick, a leading international law firm, will be relocating from the Brewery Blocks in Portland’s Pearl District. The long-term lease is in excess of 10 years.
Located at 1140 SW Washington Street, 11W is a Class A mixed-use building located at the epicenter of Portland’s dynamic West End neighborhood. The development, slated for completion later in Q1 of 2023, features both public and private parking, curated ground floor retail, six floors of office space, and 213 condo-quality residences from floors 8-25. 11W’s mixed-use nature will bring much valued 24/7 activation to the property and surrounding area, fostering vitality and security.
11W will achieve LEED Platinum certification, and features an indoor/outdoor aesthetic with balconies throughout and custom exterior glass panels that slide open to the outdoors. The building contains bipolar ionization and MERV-13 filtration systems, providing tenants superior indoor air quality. Best-in-market amenities include a state-of-the-art fitness facility, yoga/group fitness room, showers and lockers, bike parking, and a highly desirable location in the West End. 11W also features a 25th floor commercial chef’s kitchen and event space for private tenant events and meetings. The property is a member of the West End Security District, which provides the neighborhood with highly-effective private security and cleaning services.
“We are thrilled to welcome Orrick to 11W”, Matthew Goodman, Vice President of Downtown Development Group said in a statement. “No real estate asset class has changed more than office in the last three years. With 11W, we had an opportunity to thoughtfully design the next generation of office space, geared to making tenants feel safe, well, and excited to leave their homes and come to work each day. From its state-of-the-art security and air filtration systems, to the striking Japanese metal exterior custom made for our building, 11W is unlike anything else in the market and we are excited companies like Orrick appreciate the building’s quality.”
Laura Saklad, Orrick’s Chief Operations Officer adds, “We are very excited about our move to 11W which offers a highly efficient layout and very attractive amenities — and we look forward to designing a space that will inspire top talent and integrate hybrid and on-site team members in innovative ways.”
Colliers represented the landlord in the transaction, which closed December 23, 2022. Orrick was represented by a collaboration between Colliers and CBRE.
“This lease is a significant milestone for the Portland market,” said Trevor Kafoury, Executive Vice President at Colliers. “Not only is it the first lease signed at 11W, but it is also indicative of the continued ‘flight to quality’ trend we’re seeing among office tenants. In the post-pandemic, hybrid work environment, companies need office space that employees want to be in, making a well-designed amenity package even more important for buildings looking to secure high-quality tenants.”
About Downtown Development Group
Downtown Development Group (“DDG”) is a real estate investment company owned and managed by the Goodman family. The business is now in its fourth generation and focuses exclusively on ownership and operation of commercial real estate. The company owns roughly 30 office, apartment, retail, and industrial buildings mostly in the Portland market, comprising over 2M SF. It also owns roughly 30 pieces of shovel-ready dirt and redevelopable sites in Portland’s urban core.
About Cresset Partners
Cresset Partners is a private investment firm focused on providing its investors with direct access to investment opportunities in private companies, real estate, private credit, private equity secondaries, and venture capital. We focus on building outstanding, lasting partnerships by investing long-term capital, resources, and expertise to create sustainable value. We believe that long-term investing creates better alignment and reduces risk and inefficiencies, leading to better outcomes for all shareholders. Cresset Partners was founded in 2018 and has more than $2.6 billion in commitments across real estate, private equity, private credit, and venture capital.
About Orrick, Herrington & Sutcliffe LLP
Launched in 2003, Orrick’s Portland office counsels prominent public entities in the Pacific Northwest on infrastructure, housing, education and economic developments that are transforming the region. We provide guidance to Portland’s emerging tech companies and businesses in renewable energy and power, and help leading companies protect IP assets.
Globally, Orrick’s focus is on serving the Technology & Innovation, Energy & Infrastructure and Finance sectors. Clients worldwide call on our teams for forward-looking commercial advice on transactions, litigation, and compliance matters. We bring distinctive quality, teamwork, and value to the table – and innovate in everything we do.
About Colliers
Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 63 countries, our 18,000 enterprising professionals work collaboratively to provide expert real estate and investment advice to clients. For more than 27 years, our experienced leadership with significant inside ownership has delivered compound annual investment returns of approximately 20% for shareholders. With annual revenues of $4.6 billion and $92 billion of assets under management, Colliers maximizes the potential of property and real assets to accelerate the success of our clients, our investors and our people.
