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2017 CBD office sales top $1 Billion for first time

  • ​Institutional buyers continued to show love for Portland’s office market throughout 2017 where total sales volume topped $1.29 billion. Especially appealing to investors was the CBD where office sales exceeded $1 billion for the first time, hitting a record $1.024 billion; accounting for 80 percent of the market-wide volume in 2017.
  • The most notable asset to trade was Wells Fargo Center, selling to Starwood Capital for $188 million, or $259 per square foot. The building and annex are expected to go through significant renovations in the near future.
  • 2017 also registered a new high-water mark for Portland. Three sales surpassed the $500 per square foot level during the year with 1320 Broadway the first to cross the threshold when it sold to Credit Suisse for $541 per square foot ($95 million). Shortly thereafter Pearl West sold to LaSalle for $563 per square foot ($87.5 million). The other notable sale above $500 per square foot was the Wieden + Kennedy Building selling to Stockbridge for $556 per square foot ($103.3 million).
  • With such heavy volumes trading over the past 3 years, limited inventory may suppress 2018 sales in the CBD. However, this lack of inventory could encourage owners of assets who have met their investment targets to sell.​​

Source: JLL Research




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