LOS ANGELES – November 8, 2016 – CBRE Global Investors has acquired The Park Square Campus, a 295,767 square foot, Class A two-building urban office campus located in the heart of Downtown Portland, Oregon, on behalf of a European separate account client. The property is 97.5 percent leased to a quality roster of investment-grade tenants with a weighted average lease term of 8.7 years.
Park Square’s strategic location at 100 SW Market Street, adjacent to Pettygrove City Park, provides convenient access to multiple transportation options, a strong amenity base, and an educated labor pool. The recently renovated property features amenities such as an 8,000 square foot Great Room connecting the two buildings, a patio, onsite restaurant, updated lobby and secure bicycle parking with lockers, as well as 24-hour security and card key access.
Portland’s growing number of job opportunities, lower cost of living and high quality of life are draws for residents, particularly for millennials, whose population has grown 10.6 percent in the market over the past five years. This increasing number of residents is supporting an increase in consumer services and demand for housing. ULI ranked Portland a Top 10 Investment Market for 2016, and with 60 percent GDP growth over the past 10 years, the city ranks No. 1 among the Top 10 metro areas on the West Coast.
“With a strong job market and an unemployment rate that has fallen below the national average, coupled with its natural beauty, Portland is a desirable market benefiting from its role as a relatively low-cost tech hub as well as its diverse roster of other industries,” said Stu Sziklas, Managing Director and Portfolio Manager, CBRE Global Investors Americas. “The quality and location of Park Square make it an ideal fit for our client’s portfolio.”
About CBRE Global Investors
CBRE Global Investors is a global real estate investment management firm with $87.9 billion in assets under management* as of September 30, 2016. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBG). It harnesses the research, investment sourcing and other resources of the world’s premier, full-service commercial real estate services and investment firm for the benefit of its investors. CBRE Group, Inc. has more than 70,000 employees in more than 400 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com
*Assets under management (AUM) refers to the fair market value of real estate-related assets with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice, and which generally consist of investments in real estate; equity in funds and joint ventures; securities portfolios; operating companies and real estate-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real estate market, and its calculation of AUM may differ from the calculations of other asset managers.