For Chicago-based Zeller Realty Group, Umpqua Bank Plaza is only its first Portland deal. The investor, which owns about 9M SF, is keen to up its game here.
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"We look forward to additional investment in Portland, as we continue growth nationwide,” said ZRG CEO Paul Zeller. "Having studied it closely for several years, we know firsthand that Portland is a leading growth market."
The 298k SF Umpqua Bank Plaza is ZRG's first property west of Denver. Dating from 1974, the longtime HQ of Umpqua Bank underwent a renovation in 2015 under its previous owner, Shorenstein Properties, which bought the property in 2007 for $84M. This time around, it traded for $90M.
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ZRG tapped Cushman & Wakefield to handle leasing and management of the building. Lana Baldock, Dan Swift and Havilah Coady form the local Cushman & Wakefield team that will handle the property. They also handled the leasing during five years of Shorenstein's ownership, when the building's occupancy rate rose to 97%.
The deal comes at a time of relative strength for Downtown Portland. Direct Class-A office vacancy dropped into single digits by the close of 2016 at 9.6%, according to Cushman & Wakefield data.
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