A fund managed by Credit Suisse Asset Management made the Swiss investment giant's first foray into the Portland market with the acquisition of the 1320 Broadway building downtown. Credit Suisse paid $95M for the property.
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"The transaction offered us the opportunity to acquire an asset in one of the best-performing markets on the West Coast,” Credit Suisse Asset Management Portfolio Manager Marc-Oliver Tschabold said.
The fully leased 1320 Broadway has an average lease term of roughly 10 years, Tschabold said. Elemental Technologies and D+H Financial Technologies are the primary tenants. Suisse Asset Management was advised in the deal by Lacy Ltd.
The deal earned sellers Urban Renaissance Group and Clarion Partners a handsome return. The partners acquired the property about three years ago for $14.2M, and then renovated it, spending about twice that much in the process.
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“After completing the renovation and lease-up of the building, the team decided that the time was right to sell, given the strong demand for office product in Portland,” URG Vice President-Regional General Manager Tom Kilbane said.
URG and Clarion bought the building from The Oregonian Media Group, and worked with local architecture firm Allied Works Architecture and local construction firm Fortis Construction on the property's restoration and renovation.
Elements of the rejuvenation included restoring various architectural features, revamping the grand entrance lobby with a new Ristretto Roasters café and creating new outdoor rooftop terraces, 70-stall car parking and 200-stall bike parking with shower and locker facilities. The rehab also put a public art installation on Sixth Avenue by local artist Joe Thurston.
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