PORTLAND-Robert Duncan Plaza, a 375,000-sf Downtown class A office building here has traded hands for $69.75 million. The seller included the principals of the Portland-based Melvin Mark Companies, which developed the building in 1991. The new owner is NGP Duncan Plaza Portland LLC, a sole purpose entity of NGP Capital LLC of McLean, VA, better known as National Government Properties.Located at 333 Second Ave., the 10-story building is 98% leased to the General Services Administration for use by the US Army Corps of Engineers, the US Forest Service and the Bureau of Land Management. Melvin Mark will continue as the property manager and leasing agent.With about 320,000 sf of net rentable space, the sale price translates to almost $218 per sf, which is one of the highest prices ever paid for a Portland property and a high price to pay in general considering there is only eight years remaining on the GSA’s lease. To pay that price, local brokers tell GlobeSt.com that the buyer must be extremely confident in the GSA renewing its lease. “The strong real estate sales market, coupled with low-interest rates, created the perfect conditions to interest a buyer,” says Melvin Mark CEO M. James Mark. NGP chief executive Al Iudicello declined to discuss the transaction when reached for comment Sunday morning.Named for a former Oregon congressman, Robert Duncan Plaza features two stacked atriums and a brick and glass exterior. ZGF Partnership designed the building and Baugh Construction was the general contractor. The property gained national exposure in 2000 when an environmental activist Tre Arrow lived for 11 days on a ledge above the building’s Second Avenue entrance to protest logging on Mount Hood.

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