KBS Sells One Main Place in Portland CBD
- Jan 12, 2015
KBS Real Estate Investment Trust II sold One Main Place in Portland’s Central Business District for $86.3 million. The waterfront property last traded for $54 million, according to asset manager and KBS Senior Vice President Mark Brecheen. The transaction was brokered by an Eastdil team consisting of Stephen Van Dusen, Jason Flynn and Darwin Rodriguez, on behalf of the seller.
Located at 101 S.W. Main St., the 20-story Class A office building occupies an entire city block and totals 315,133 square feet. It offers modern building systems and a large amenity package that includes a fitness center, showers, a conference center, subterranean parking, a full-service bank, a coffee shop and a café, and bears Energy Star certification. The tower was constructed in 1980; its modern look was designed by renowned architectural firm Skidmore, Owings & Merrill.
According to KBS Regional President Rodney Richerson, KBS Real Estate Investment Trust II put One Main Place through significant capital improvements in 2008. Richerson also noted that “we believe the One Main Place property appeals to a wide range of tenants in industries ranging from technology to finance to legal services and education.”
Image courtesy of cbre.com