Zeller Banks on 298K-SF Umpqua Plaza

Zeller Realty Group (ZRG) struck a deal with Shorenstein Properties to acquire the 298,176-square-foot Umpqua Bank Plaza in downtown Portland, OR. The Chicago-headquartered buyer reportedly paid $90 million for the Class A office tower at 1 S.W. Columbia St.

Zeller Realty retained Cushman & Wakefield to handle leasing and management for the asset. The Cushman & Wakefield team, consisting of Lana Baldock, Dan Swift and Havilah Coady, also handled leasing duties for Shorenstein, and will continue to do so for Zeller. Chris Battles, also with Cushman & Wakefield’s Portland office, is handling the building’s management.

Ryan Bergman and Bill Regalia, with ZRG, self-represented the buyer. Eastil Secured negotiated on behalf of the seller. The 19-story building is 97% occupied.

The acquisition is Zeller Realty’s first in the Portland market. “Serving as its first acquisition on the western coastline, this is a covetable asset which ZRG will utilize its skill, experience, creativity and high quality, institutional ownership to put its stamp on,” said Baldock.

For comments, questions or concerns, please contact Amy Sorter