6Y, a Class A office building located in the Central Business District of Portland, has been sold for $47.5 million. The 116,244-square-foot asset is located at 811 SW 6th Avenue and was renovated in 2018 to appeal to tenants seeking creative office space in a walkable location.
Newmark Vice Chairman Nick Kucha and Directors James Childress and Bill DeLacy represented the seller, a venture of KBS and True North Management Group. The buyer, Deka Immobilien, was advised by Colliers International.
“This well-located, multi-tenant urban office asset received strong interest from a wide range of buyers,” said Kucha. “Given the asset’s high quality, irreplaceable location, tenant buildouts, stable in-place cash flow, and recent leasing velocity, the bidding environment was highly competitive.”
6Y sits at the heart of downtown with a highly coveted location directly on Pioneer Square, which is affectionately known as Portland’s “Living Room” and hosts year-round food trucks and over 300 programmed event days each year. 6Y also offers tenants easy access to 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 11-story building is currently 90 percent occupied by a diverse mix of office and retail tenants including Industrious, Gensler, and JP Morgan Chase. The recent renovation included an update to the building lobby and the addition of a tenant lounge overlooking Pioneer Square, a 14-person conference room and a high-end bike hub with lockers and storage.
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