Newmark has completed the sale of the condominium interest for the Office Unit in Broadway Tower, a newly constructed mixed-use tower comprised of best-in-class office space and a 180-room Radisson RED hotel. The hotel unit was not a part of the transaction. The property is 99% leased to stalwart tenants including Amazon, Markowitz Herbold, Cable Huston and Lawyers’ Title.
Newmark’s Vice Chairman Nick Kucha, Managing Director James Childress and Director Jeff Hodson represented the seller, BDC/Broadway Office LLC, in cooperation with Co-Head of U.S. Capital Markets Kevin Shannon and Senior Financial Analyst James Ikeguchi. The buyer, Principal Real Estate Investors, was self-represented.
“We received a number of offers from qualified foreign and domestic groups who were searching for best-in-class office assets that provided a better yield premium over the west coast gateway markets such as Seattle and San Francisco,” said Childress.
The Broadway Tower Office Unit is a LEED Gold high-rise office tower that offers 11 floors of premium Class A office space with exclusive decks on the top three floors and sweeping views of the city. The 17,000 square-foot floorplates, open design, and floor- to ceiling-window lines enabled the delivery of efficient multi-tenant and single-tenant floors with abundant natural light.
Kucha added, “Broadway Tower is one of the most successful ground-up developments in the city’s history and is a prime example of high-quality real estate attracting high-quality tenancy. BPM Real Estate Group, led by its Founder/Principal Walter Bowen, are the developers of the property and did a phenomenal job with this project, which resulted in the property delivering 94% pre-leased in November of 2018 to a diverse roster of tenants.”
The property’s prominent downtown location on Broadway and SW Columbia is adjacent to Portland’s rapidly expanding Portland State University and within a few blocks of several transit options including the Portland Streetcar, MAX light rail, and the TriMet bus mall. There are a several walkable shopping and dining options nearby and the property is located directly across the street from Amazon’s first and largest presence in Portland at 1320 Broadway.
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 18,000 professionals operate from approximately 480 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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