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PCCP Picks Up Downtown Portland Office for Nearly $100M
PCCP, LLC acquired Park Square, a two-building, 296,000-square-foot office property in the south end of Portland’s CBD. PCCP paid $96.5 million for the nearly fully-leased asset, which was substantially repositioned in 2016 including the renovation of an 8,000-square-foot lobby/great room.
The buildings are connected by a lobby/great room, which includes multiple seating areas, a fireplace and lounge area, and a high-end, local soup and salad bar. One building is the Woolworth Building, a single-tenant, six-story, 181,049-square-foot asset located at 1621 SW 1st Ave. It was originally a build-to-suit for the tenant who has occupied the space since it was constructed in 1984.
The second property, a seven-story, 113,719-square-foot building, was built in 1964 and is located at 100 SW Market St.
PCCP’s Matt Cochran says, “PCCP continues to target downtown Portland as an investment market, and this building has a favorable mix of cash flow and credit tenancy in a high quality, well-located asset.”
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition
