Newmark has announced the $131.5 million sale of Power + Light, a Class A office building located in the Central Business District of Portland. The 272,079-square-foot asset is located at 920 SW Sixth Ave and was repositioned in 2018 to appeal to tenants seeking creative office space in a walkable location.
Newmark’s Vice Chairman Nick Kucha and Director James Childress represented the seller, an affiliate of Beacon Capital Partners, along with co-brokers Buzz Ellis and Rob Hielscher, both Managing Directors at JLL. The buyer, an affiliate of Gerding Edlen, represented itself.
“Beacon’s creative conversion of this historic icon in the Portland skyline has transformed Power + Light into a market-leader that competes even with newly constructed office assets throughout the city,” said Kucha. “This, combined with its irreplaceable location, has driven a successful lease up that has outperformed other areas within this market.”
Power + Light’s highly coveted location at the heart of downtown is just blocks from Pioneer Square, which hosts year-round food trucks and over 300 programmed event days each year. Power + Light also offers tenants easy access to Portland’s multi-modal transit hub, including all five of the city’s MAX light-rail lines, all three streetcar lines, and 25 bus lines, providing direct connectivity to every neighborhood in the Portland metro.
The 15-story building, is currently occupied by a diverse mix of office and retail tenants. The recent $9.4 million repositioning included an overhaul of the building lobby and the addition of a high-end fitness center equipped with shower and locker facilities, bike storage and an indoor/outdoor rooftop tenant lounge.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 16,000 professionals operate from approximately 430 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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