Unico Properties sells Commonwealth Building, a creative-tech office tower in Portland for $69 million

July 5, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $69 million sale of and arranged $47.4 million in financing for the Commonwealth...

July 5, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $69 million sale of and arranged $47.4 million in financing for the Commonwealth Building, a 216,099-square-foot creative-tech office tower situated in the heart of Portland’s North CBD Tech Cluster.

HFF marketed the property on behalf of the seller, Unico Properties LLCKBS Capital Advisors purchased the asset on behalf of KBS Growth & Income REIT, and was assisted by HFF in securing a $47.4 million, five-year, floating-rate acquisition loan through an insurance company.

“The Commonwealth Building was a catalyst for the creative-tech movement to the northern central business district,” said Kucha.

Originally built in 1948, the Commonwealth Building was renovated between 2013 and 2015 to convert the mid-century building into a creative-tech office tower blending traditional egalitarian design and unique building amenities with timeless design.  The property offers tenants flexible office spaces with abundant natural light and an amenity package featuring a rooftop amenity deck, building conference room, tenant lounge, basement bicycle storage and an on-site fitness center.  Fronting the Sixth Avenue transit mall, the Commonwealth Building boasts a Walk Score© of 100 and a Bike Score© of 98.  Additionally, the 95-percent-leased property has been awarded an Energy Star rating and is certified LEED Gold from the U.S. Green Building Council.

WRITING 101

The HFF investment sales team representing the sellers was led by senior managing director Nick Kucha and director Nick Kassab.

HFF’s debt placement team was led by senior managing directors Tom Wilson and Kevin MacKenzie.

[button href=”https://www.hfflp.com/media-center/press-releases/142668/hff-closes-69-million-sale-of-and-arranges-47-4-million-financing-for-premier-c.aspx” style=”emboss” size=”medium” color=”#000000″ target=”_blank”]Source: HFF[/button]

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