By Kate Snyder
A three-building office campus with the potential for redevelopment in Portland has hit the market. The Crossing at First sits in the southern portion of the city’s Central Business District and totals 263,931 square feet with a standalone parking garage, according to a marketing brochure from Colliers, which has the listing. Bob Gilley, Andy Zighelboim, Brad Idleman and Kevin Moul are the brokers for the property. The asking price is around the mid-$20 million range, according to an industry source.
Located at 2501 and 2525 SW 1st Ave., the property has access to Interstates 5 and 405, one million square feet of retail space and more than 16,000 multifamily units. According to the brochure, the site has undergone several recent renovations, such as a roof replacement on Building A in 2022, a new exterior design throughout featuring a pixelated window pattern with 360-degree window lines, common area upgrades, new lobby designs, updated landscaping and a new on-site cafe. Other amenities include market-ready suites throughout the buildings, on-site locker rooms and showers and secure bicycle parking.
The site’s three-building complex is 22 percent leased. Companies with addresses at the site include ExamWorks and Rise Medical Staffing, both medical agencies; as well as Susan Matlack Jones & Associates, a bookkeeping service; and Harris Group, an engineering consultant.
The property also features potential site optionality and would allow an investor to choose to redevelop or re-purpose the site. One such option, according to the brochure, is a medical office building, due to the property’s building sizes, flexible floor plates and proximity to existing medical facilities, such as Oregon Health & Science University. Within a one mile radius is 3.4 million square feet of medical facilities and office space. Other potential uses the property could support under the current zoning include retail, office and residential. For the latter, both household and group living are permitted, and current zoning would allow for 700 to 750 units to be constructed on site.
“The site’s zoning, location and abundant parking will be attractive to potential buyers looking for a residential redevelopment play,” the brochure states. “The Portland multifamily market continues to demonstrate strong demand for multifamily, with robust development activity and significant rent growth further appealing to investors.”