JLL secures $41.39M loan for Harrison Square
Libertas Companies acquires the office property in Portland’s South Central Business District
PORTLAND, February 13, 2020 – JLL Capital Markets announced today that it has secured $41.39 million in financing for Harrison Square, a 187,000-square-foot office building in Portland, Oregon’s, South Central Business District.
JLL worked on behalf of the borrower, Portland-based Libertas Companies, to place the six-year, floating-rate loan with a national money-center bank. Loan proceeds were used to acquire the office building and provide a portion of future leasing costs.
Harrison Square is located at 1800 SW 1st Avenue in the Southern End Innovation District, surrounded by major employers such as Oregon Health Sciences University, Portland State University, Under Armour, Jacobs Engineering and Cambria. Boasting a Walk Score® of 91 and a Transit Score® of 90, the property has connectivity to an array of local amenities, including Tom McCall Waterfront Park, Pioneer Courthouse Square, the Central Eastside and Downtown’s Cultural District. Additionally, Harrison Square is just 0.5 miles from Interstate 405 providing connections to Highway 26 and Interstate 5. Recently renovated in 2019, the 93%-leased property comprises two, six-story buildings connected on each level via a sky bridge, and a 265-space, below-grade parking garage.
“Harrison Square is uniquely positioned in the highly desirable central business district of downtown where both asking rents and rent growth rank among the strongest in the MSA,” Kersten said. “Harrison Square presents tenants a great opportunity to be positioned in a transit-oriented location with ample parking, quick access to the Close-in Eastside and the overall Greater Portland freeway network.”
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, operations in over 80 countries and a global workforce of more than 93,000 as of December 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Libertas Companies
Libertas Companies is a targeted real estate investment and operating firm focused on value-add office properties in the Pacific Northwest and Northern California. With over 25 years of experience, Libertas Companies leadership team has extensive experience in all aspects including acquisition, due diligence, asset management and leasing.