CIBC funds refinance of historic Portland office building
JLL Capital Markets leads financing for the 1914 American Bank Building
PORTLAND, August 18, 2020 — JLL Capital Markets announced today that it has refinanced the American Bank Building, in Portland, Oregon, a 15-story, creative office property totaling 170,382 square feet.
JLL worked on behalf of a joint venture between Lionstone Investments and ScanlanKemperBard to secure the financing through CIBC. Funds will be used to complete tenant and capital improvements, including increasing the square footage to 175,956 square feet and stabilizing the asset.
The American Bank Building is positioned within the epicenter of Portland’s central business district fronting the city’s 57-block transit mall and adjacent to Pioneer Square, which is commonly referred to as “Portland’s Living Room.” Due to its location at 621 SW Morrison Street, the property has been bestowed with a Walk Score®, Ride Score® and Bike Score® of 99, 98 and 96, respectively. Additionally, it is located within minutes of all four MAX light-rail lines, numerous bus routes and streetcar line stops as well as a wide variety of dining, shopping and entertainment offerings. The asset has been updated throughout the years, most recently in 2015, and offers 24,000 square feet of ground floor and mezzanine level retail space that is fully leased, plus 144,551 square feet of office space that is 54% leased.
The JLL Capital Markets team representing the borrower was led by Senior Managing Directors Tom Wilson and Colby Mueck and Associate Laura Sellingsloh.
“The American Bank Building is one of Portland’s treasured assets and through a carefully planned improvement program, is well positioned to continue to provide tenants with a safe and healthy work environment,” said Frank Ortiz, Head of Asset Management at Lionstone Investments.
“Portland is one of the most diversified economies in the U.S. and is less vulnerable to the work from home disruption compared to other cities,” Wilson added. “This paired with the continued technology industry migration from high cost cities bodes well for tenant demand and the overall long-term performance of the real estate market.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of nearly 93,000 as of June 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Lionstone Investments
Lionstone Investments is a data-analytics driven real estate investment firm that conceptualizes, analyzes, and executes national investment strategies using proprietary algorithms and advanced analytics to strategically pinpoint the locations where innovation, economic vitality, and productivity intersect to create sustainable and vibrant communities — Places for Productive People.® Generating smart insight via sophisticated analytic tools, Lionstone is able to identify the highest concentrations of growth and productivity in the U.S. economy. This unique approach finds durable growth and resilient income in a rapidly evolving world. Lionstone Investments is an offering brand of Lionstone Partners, LLC, which is a wholly owned subsidiary of Columbia Management Investment Advisers, LLC. lionstoneinvestments.com
About ScanlanKemperBard Companies
SKB is an established real estate private equity firm based in Portland, Oregon with property management offices in Portland, Seattle, San Francisco, Denver, and Phoenix. Since its inception in 1993, SKB has originated total portfolio activity of $4.32 billion comprised of 28.7 million square feet of office, industrial and retail space and +/- 2,000 residential units. With longstanding relationships in each of their markets, SKB has the ability to source, structure and execute value creation across a wide spectrum of real estate opportunities. They currently manage over approximately 5 million square feet of office, industrial and retail product (approximately two million of which is in Portland). skbcos.com