(Editor’s Note: The sales price was approximately $41 million, or about $347 per square foot, according to a report from the Portland Business Journal. The seller was ABS Real Estate Investments, which purchased the building in 2019 for $67.5 million, or about $571 per square foot.)
Portland, OR (September 19, 2023) — Newmark 2 announces it has arranged the sale of Leland James, a newly redeveloped 118,104-square-foot multi-tenant office building in Portland’s Slabtown District. The asset was fully occupied at the time of sale.
Newmark Vice Chairman Nick Kucha, Senior Managing Director James Childress and Associate Director Jakob Nicholls represented the seller in the transaction. The buyer was Spear Street Capital. Newmark Executive Vice President and Managing Director Dave Squire and Director Josh Williams served as leasing advisors on behalf of the former ownership, helping bring the property to 100% occupancy, and provided local support on the transaction.
“This sale marks the resurgence of office liquidity in Portland after a three-year hiatus, and as it redefines ‘new market values’, we are pleased to have accomplished a successful sale,” said Kucha.
“Leland James is arguably a top three office asset in the city, and the pricing, relative to other marketing processes in Portland, is a testament to that quality,” Childress added. “In a post-pandemic world, tenants and investors are drawn to the very essence of what Leland James represents – a vibrant live-work-play environment.”
The four-story property, formerly a corporate office building, is located at 2175 NW Raleigh Street and was redeveloped in 2018, winning the Commercial Association of Brokers Office Development of the Year. The redevelopment included seismic upgrades, a new brick façade and the addition of a new heavy timber penthouse level with an eco-roof as well as new mechanical, electrical and plumbing systems.
Leland James is situated in the heart of Portland’s newest submarket, Slabtown, a thoughtfully designed eight-block master-planned development. The submarket boasts walkability to surrounding retail amenities, growing multifamily supply and leading executive housing
About Spear Street Capital
Spear Street Capital is an owner and operator of distinctive office properties located in the United States, Canada and Europe. The company acquires assets that have reached an inflection point where intensive leasing efforts or well considered physical changes can have a decisive effect on value.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the year ending December 31, 2022, Newmark generated revenues of approximately $2.7 billion. As of June 30, 2023, Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with over 7,400 professionals around the world.