PORTLAND, OR-CBRE recently completed the sale of First & Market, a 295,778 square foot asset that includes two office towers – 1621 SW First Avenue, which is seven stories and 179,765 square feet and 100 SW Market Street, which is six stories and 116,013 square feet.
CBRE's West Coast institutional office experts Kevin Shannon, Ken White, Sean Sullivan and Russell Ingrum, along with CBRE's Portland market experts Trevor Kafoury and Jason Green, represented the seller, Regence BlueCross BlueShield of Oregon in the transaction. The buyer was Calstrs. The price was not disclosed.
As part of the deal, Regence will lease back 197,279 square feet, or 67% of the project. The leaseback includes the entire building at 1621 SW First Avenue and the basement of 100 SW Market. The buyer plans to reposition the remaining 98,499 square foot portion of 100 SW Market to attract the growing base of technology and creative tenants in Portland's South Waterfront District.
“This property created a unique opportunity for the buyer to acquire a top asset in a prime location with a strong, long-term income stream, while at the same time, repositioning part of the property to take advantage of the influx of tech and creative tenants in the Portland CBD market,” said Shannon.
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