SEATTLE–Urban Renaissance Group (www.urbanrengroup.com) (URG) today announced it has acquired the operating portfolio of Portland-based real estate company Langley Investment Properties (LIP) (www.langleyinvestmentproperties.com).
With this acquisition, URG’s total operating platform is now more than 10 million sq. ft. in Portland, Seattle and Denver. Going forward, LIP will refocus its efforts on new investment and development opportunities as well as related portfolio asset management.
As a result of the deal, URG’s Portland-based portfolio has more than doubled to two million sq. ft. with four additional major Class-A high-rise office tower assets now under URG management. These assets include: Pacwest Center, Moda Tower, Liberty Centre and One Pacific Square.
“We have known Scott Langley and Langley Investment Properties for many years. The firm’s 40-year history in the marketplace, strong reputation and great culture made this acquisition a natural fit for us as we expand our Portland-area presence,” said URG Founder and CEO Patrick Callahan. “The firm’s focus on Class-A high-rise office tower assets is also a great expansion of our existing portfolio of Class-A historic and contemporary assets.”
President and CEO Scott Langley will continue to lead LIP and will refocus the firm’s efforts on private investment and development opportunities, including opportunities with URG. He will also join the URG Board of Directors.
“With similar cultures, values and portfolios, URG and LIP’s operating portfolios are incredibly well-aligned,” said Langley. “This deal also allows LIP to continue its long history in the Portland market and refocus our efforts on private investment and development opportunities.”
“Both firms share the perspective and values of a committed owner that thinks long-term and cares deeply about the real estate,” Callahan added. “With their great depth of talent and skill, we look forward to welcoming the LIP operating team to URG,” continued Callahan.
As part of the transition, URG’s Portland Market Leader Tom Kilbane has also been promoted to Vice President, Regional General Manager. He will be responsible for overseeing the combined operations, which now include ten significant assets in the Portland Market.
“This transaction gives us scale to expand our in-house team while providing a full range of commercial real estate services,” said Kilbane. “With Portland’s favorable business environment, ability to attract a highly-skilled workforce and overall desirability, we anticipate that demand for office space will continue to grow.”
URG’s acquisition of LIP’s operating portfolio, which includes leasing, property management, parking management and construction, will more than double the company’s existing Portland portfolio of approximately 700,000 sq. ft. LIP’s four major assets total 1.4 million sq. ft., which are now added to URG’s portfolio.
The new assets include:
- Pacwest Center. Located in Portland’s Central Business District at 1211 SW Fifth Ave., the 522,000-sq.-ft., 30-story Pacwest Center—built in 1984 and renovated in 2011—features Schwabe, Williamson & Wyatt, and Merrill Lynch & Company as major tenants.
- Liberty Centre. Built in 1997, the 17-story, 277,000-sq.-ft. LEED-Silver Certified Liberty Centre building located at 650 NE Holladay in Portland’s vibrant Lloyd District features panoramic views and major tenants Liberty Northwest and Knowledge Universe.
- Moda Tower. Located at 601 SW Second Ave. in Portland’s Central Business District, the 398,000-sq.-ft., 24-story Moda Tower built in 1999 features Lane Powell and Health Services Group (Moda) as major tenants.
- One Pacific Square. The 240,000-sq.-ft. One Pacific Square building, built in 1983 and renovated in 2011, is located in the Old Town/Chinatown District of Portland’s Central Business District and features NW Natural as a major tenant.
Additionally, URG’s Portland-based existing office assets include Five Centerpointe, 1320 Broadway, Willamette Oaks, 2100 River Parkway, the Morgan Building and Yeon Building. URG is currently completing a major renovation of 1320 Broadway.
In addition to being a significant operator, URG is an active developer in Seattle, having acquired real estate firm Touchstone in December 2014. In this development cycle, URG will deliver 1.6 million sq. ft. of office space and two hotels in the Seattle market. URG also acquired its first asset in Denver in 2015. In 2012, Joshua Green Corporation became the majority investor in Urban Renaissance Group.
About Urban Renaissance Group
Urban Renaissance Group, LLC is a Seattle-based full-service commercial real estate company, engaged in acquisitions, development, asset management, leasing, property management and ownership in Seattle, Bellevue, Denver and Portland. The strategic premise of the Urban Renaissance Group is that the form of the American City will change dramatically during the next 20 years. Urban Renaissance Group acts as a catalyst that understands and ignites that change, thereby generating superior returns for its investors, as well as opportunities for its partners and employees. Learn more at www.urbanrengroup.com.
About Langley Investment Properties
Langley Investment Properties is a privately held real estate investment firm based in Portland, Oregon. The company’s philosophy is to strategically acquire, reposition, and develop best-in-class urban properties creating attractive investment opportunities that enhance the fabric of the community. Langley Investment has more than 40 years of real estate and capital markets experience with vision, focus, discipline, and commitment as cornerstones of its investment strategy. Learn more at www.langleyinvestmentproperties.com.