(EDITOR’S NOTE: According to sources with knowledge of the transaction detail, the property sold for $15.8 million, or just over $366 per square foot.)
PORTLAND, May 12, 2021 – JLL Capital Markets announced today that it has closed the sale of 5550 Macadam, a 43,151-square-foot, suburban office building in Portland, Oregon.
JLL represented the sellers, ScanlanKemperBard and WHI Real Estate Partners, and procured a local private buyer, advised by City and State Real Estate.
Recently renovated in 2019, 5550 Macadam is a three-story building with updated common areas, locker rooms and restrooms, a modern light filled lobby and lush landscaping. The property offers 14,000-square-foot floorplates and is 89% leased with current tenants averaging 9.8 years of occupancy.
5550 Macadam is positioned within the Southwest Close-In submarket of Portland, and more specifically, the Johns Landing micro market, which offers easy access to the central business district and Portland’s freeway system. This area is also highly amenitized with a variety of restaurants, hotels and retailers and is located just one mile south from Oregon Health & Science University’s South Waterfront campus expansion.
The JLL Capital Markets team representing the seller was led by Buzz Ellis, Logan Greer and Adam Taylor.
“This offering generated a significant amount of investor interest as the office market starts to return to pre-COVID levels,” Ellis said. “5550 Macadam has an outstanding urban location with high accessibility and suburban conveniences that was attractive to many buyers.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 91,000 as of March 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.