Newmark Capital Markets has completed the sale of the historic Towne Storage, a 100,022-square-foot Class A office property in Portland, OR. Located on a half block in Portland’s Central Eastside submarket, the property is fully net-leased to Autodesk, Inc., an investment-grade credit tenant. Towne Storage, formerly the leader in the Central Eastside’s wholesale paper distribution business last century, is now the pinnacle of the creative office movement sweeping Portland’s Central Eastside, a submarket historically dominated by industrial manufacturing and distribution. The sale of Towne Storage exemplifies how the submarket is increasingly acknowledged as a destination spot for highly desirable creative tenants and educated Millennial workers.
Newmark Capital Markets Vice Chairman Nick Kucha and Director James Childress represented the seller, an entity owned by certain funds managed by Westport Capital Partners, LLC. The buyer, CBRE Global Investors, was self-represented.
“The sale of Towne Storage is a testament to Portland’s on-going appeal to institutional investors’ appetite for best-of-class investment opportunities,” said Kucha.
Childress added, “Autodesk, Inc. is moving its current operations from Lake Oswego continuing the migration trend of creative tenants to the urban core to boost its ability to attract and retain the best talent in this highly competitive job market where the unemployment rate remains around 4 percent.”
Westport’s Managing Principal, Russel Bernard added, “We are pleased that the culmination of the renovation and redevelopment of the Towne Storage Project resulted in Autodesk making it their Portland headquarters.”
About Westport Capital Partners LLC:
Westport Capital Partners LLC is a real estate investment firm focusing on adding value to real estate and “hands-on” solutions to complex situations. Westport provides domestic and international real estate related investment opportunities to institutional and private clients. Through its various funds, the firm invests in a wide variety of distressed, opportunistic and core plus real estate assets. The firm has offices in Los Angeles, California, Wilton, Connecticut, Bozeman, Montana and London, England. For more information regarding Westport Capital Partners LLC, please visit www.westportcp.com.
About Newmark Capital Markets
Newmark Capital Markets, operated by Newmark Group, Inc., is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, our 15,000 professionals operate from more than 400 offices in established and emerging property markets on six continents.
We provide access to a wide range of services, including asset sales, sale leasebacks, mortgage and entity-level financing, equity raising, underwriting and due diligence. The transactions we broker involve vacant land, new real estate developments and existing buildings. We specialize in arranging financing for most types of value-added commercial real estate, including land, condominium conversions, subdivisions, office, retail, industrial, multifamily, student housing, hotels, data center, healthcare, self-storage and special use. For further information, visit www.ngkf.com/capitalmarkets.
Newmark Group, Inc., which is listed on the NASDAQ Global Select Market under the symbol “NMRK”, is a publicly traded subsidiary of BGC Partners, Inc. (“BGC”), a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol “BGCP”. BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol “BGCA”.
Discussion of Forward-Looking Statements about Newmark
Statements in this document regarding Newmark that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark’s and BGC’s Securities and Exchange Commission filings, including, but not limited to, any updates to such risk factors contained in subsequent Forms 10-K, 10-Q, or Forms 8-K.