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CBRE Global Investors has acquired The Park Square Campus, a 295k SF two-building urban office property in Downtown Portland on behalf of a European separate account client. The property is more than 97% leased. "Portland's a desirable market benefiting from its role as a relatively low-cost tech hub as well as its diverse roster of other industries," says CBRE Global Investors Americas managing director and portfolio manager Stu Sziklas.
The recently renovated property features an 8k SF Great Room connecting the two buildings, a patio, an on-site restaurant, an updated lobby and secure bicycle parking with lockers. Tenants are looking for space with such amenities, and investors are looking for such properties in growth markets. Stu says ULI and PwC ranked Portland a Top 10 Investment Market for 2016, and with 60% GDP growth over the past 10 years, the city ranks No. 1 among the Top 10 metro areas on the West Coast.
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