Portland, OR (October 13, 2023) — Newmark announces it has arranged the sale of 4000 Columbia House Boulevard, a Class A office building, in Vancouver, Washington. The property sold for $21.1 million, approximately $478 per square foot, marking the third institutional office deal to trade over $20 million in Oregon and Washington year-to-date.
Newmark Vice Chairman Nick Kucha, Senior Managing Director James Childress and Associate Director Jakob Nicholls represented the undisclosed seller. The Colorado-based buyer, T & T Hospitality Services, Inc., acquired the asset in a 1031-exchange using proceeds from a hotel sale.
“We are pleased with the result of finding an out-of-state trade buyer to acquire what we believe is one of the best office assets Vancouver, fully leased to one of the strongest tenants in the market,” said Nicholls.
“Our team is grateful and humbled by our clients’ trust, allowing us to successfully broker all three of the institutional office deals in the Pacific Northwest this year,” added Kucha. “As liquidity gradually returns to the market, Newmark continues to build momentum as the leading brokerage firm in the region.”
Delivered in 2018, the 44,100-square-foot office property is located within Vancouver’s Lower Grand Employment Area (“LGEA”) which includes two prominent existing commerce nodes, the Grand Central Shopping Center and the Columbia Business Center.
Positioned at the gateway to Downtown Vancouver and the rapidly growing Vancouver Waterfront, the LGEA was formed as part of an Action Plan focused on enhancing opportunities for family wage employment and facilitating infrastructure upgrades and new development.
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.