By Kate Snyder
As Portland wrestles with an unsteady office market, a building traded hands recently in the city’s downtown area. According to a recently released Portland office market report from Colliers, the transaction price for the asset was $41.7 million, though they reported that the price included an assumable CMBS loan balance. Multnomah County property records show a $13.7 million sales price. County records also have the buyer as Weston Investment Co. and the seller as an entity affiliated with BPM Real Estate Group.
Located at 2100 SW River Parkway, the building totals approximately 192,541 square feet, according to the report, “Portland Office 23Q3.”
BPM Real Estate Group was founded in 1977 as an acquisition, development and investment firm for Class A real estate throughout the United States, according to the company’s website. Since its inception, BPM has been involved in the construction and acquisition of more than 4,400 market rate and affordable apartment units and 44 senior communities as well as over one million gross square feet of space in office, hotel and other real estate-related asset classes. In 2015, BPM Real Estate Group entered the office development, ownership and asset management business. To date, BPM has acquired and/or developed over $250 million of office buildings in Portland. In addition to the 2100 building, the firm’s Portland portfolio also includes the 155,000 square foot Pearl West, 175,000 square foot Broadway Tower and 36,520 square foot Willamette Oaks.
Other office sales transactions have been recorded in Portland recently.
The city’s Leland James, a newly redeveloped 118,104 square foot multi-tenant office building in the Slabtown District, traded for approximately $41 million, or about $347 per square foot, according to previous reporting from The Registry. The seller was ABS Real Estate Investments, which purchased the building in 2019 for $67.5 million, or about $571 per square foot. The buyer was Spear Street Capital. The four-story property, formerly a corporate office building, is located at 2175 NW Raleigh St. and was redeveloped in 2018.
In another recent deal, the city’s American Bank Building, located in the heart of downtown, was purchased for $13.6 million, or approximately $74 per square foot. The buyer was Menashe Properties, a family-owned real estate investment firm, and the seller was an entity affiliated with Lionstone Investments, which listed the building for sale earlier this year. In 2014, the structure traded for $45.1 million, or about $245 per square foot. Located at 621 SW Morrison St., the 183,735 square foot building has been substantially modernized with nearly $10 million in capital upgrades and amenities.