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Eastside tests CBD, scoring Portland’s new high-water mark office sale

• A new office per-square-foot high-water mark has been set in Portland. The Close in Eastside registered the new all-time record with the sale of the recently renovated Towne Storage building.  The asset sold for $62.75 million or $627 per square foot to CBRE Global Investors, 13 percent higher than the previous high-water mark set by Pearl West in 2017.

• Towne Storage, a 101 year old industrial building was re-developed into the prime creative office space. The 100,022 square foot building has 6 stories of creative office including a penthouse level addition with an expansive rooftop deck that offers some of the finest views of the city. 

• Per square foot high-water marks typically occur within the CBD, but the Close in Eastside offers a growing amenity set and some of the cities most popular restaurants, attracting an ever-growing base of technology tenants and significant new development.  

Source: JLL Research

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