Newmark Knight Frank (NKF) has announced the $118 million sale of Field Office, a Class A, two-building, 287,216-square-foot mixed-use project along River Promenade within Portland’s Pearl District.
With construction completed in 2018, Field Office is located at 1895 and 2035 Northwest Front Avenue. The LEEDTM Platinum certified property is situated on 2.3 acres and features large flexible floorplates, on-site daycare, large courtyard area with seating and fire pits, fitness center, executive rooftops with city and river views, and below-grade parking, among other modern amenities. NAIOP/CAB awarded the project the 2018 Office Development of the Year.
NKF Co-Head of U.S. Capital Markets Kevin Shannon, Vice Chairmen Nick Kucha and Steven Golubchik, and Directors James Childress and Bill DeLacy represented the seller, a venture of National Real Estate Advisors, LLC and developer Project^. The buyer, a venture of the Merchant Banking Division of Goldman Sachs and Lincoln Property Company, represented itself.
Located just north of and easily accessible to Downtown Portland, the property is adjacent to Interstate 405 and is directly across the street from 648 new multifamily units, in addition to more than 600 proposed within the submarket.
About National Real Estate Advisors, LLC
National Real Estate Advisors, LLC is an investment manager specializing in build-to-core, developing and managing large-scale, urban commercial and multifamily projects for its institutional client accounts. National constructs investment portfolios of modern property assets-apartment, office, mixed-use, industrial, data center and hotel-with design features, technological enhancements, and amenities that drive high tenant demand and can create value for investors. National is an independently operated subsidiary of the National Electrical Benefit Fund, a substantial pension trust with a significant amount of assets that are managed by National on a discretionary basis. For more information, please visit www.natadvisors.com.
Project^ is a values-driven real estate developer providing resources, practices, and stewardship for our partners. We maximize environmental, social, and economic benefits inherent in meaningful places, developing lasting high-quality projects through careful planning and execution, and by paying particular attention to details. The idea is simple: complement the community, design for demand and the end users, and set a new standard for sustainability, quality, and management. Project^ partners with individuals, companies, and investors that share the vision of maximizing their triple-bottom line. Community context is important, and design matters. www.projectpdx.com
About Newmark Knight Frank
Newmark Knight Frank (“NKF”), 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, NKF’s 16,000 professionals operate from approximately 430 offices on six continents. NKF’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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