JLL arranges $27M bridge financing for J.K. Gill Building
Positioned in Portland’s Central Business District, where asking rents and rent growth rank among the strongest in the MSA
PORTLAND, January 23, 2020 – JLL Capital Markets announced today that it has arranged $27 million in bridge financing for the J.K. Gill Building, a 96,111-square-foot, historic office building in Portland, Oregon.
Originally built in 1923, the J.K. Gill Building is a true landmark asset featuring original detailing, abundant natural light exposure, a full basement and floorplates ranging from 4,581 to 10,300 square feet. The 10-story property is fully vacant and will undergo a comprehensive improvement plan that will include a complete renovation of every major building system; a full lobby renovation with built-in banquet seating; a coffee bar and security/concierge desk; bike storage room; a fitness center and a full locker room with showers. Boasting a Walk Score® of 100, a Bike Score® of 98 and a Transit Score® of 96, the J.K. Gill Building offers immediate access to the amenities in Portland’s Central Business District, including Tom McCall Waterfront Park and the Central Eastside, an up and coming food and entertainment hub. Additionally, the property is proximate to Interstates 84 and 5, two primary arteries through Portland.
“Portland is a high-barrier-to-entry market and as a result developers and users have turned to repurposing older buildings instead of building new stock,” Kersten said. “With just one development underway currently, office construction as a percentage of inventory is the submarket’s lowest point since 2013. Once complete, the J.K. Gill Building will be a highly sought-after asset for companies seeking in-demand amenities and floorplates up to 10,000 square feet.”
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. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of more than 93,000 as of September 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Urban Renaissance Group
Urban Renaissance Group is a Seattle-based full-service commercial real estate company engaged in acquisitions, development, asset management, leasing and property management in Portland, Seattle, Bellevue and Denver. URG is invested in $1.7B of real estate, has developed over 2.0M square feet since 2013 and currently manages a 9+ million square foot office and retail portfolio in Portland, Seattle, Bellevue and Denver. Since its founding in 2006, URG has built its reputation on the transformation of a wide range of major office properties, including renovated historic buildings, classic midcentury properties, and high-rises one generation removed from today’s new towers. In the last four years, URG has leased 2.5 million square feet in new and redeveloped projects.