Park Avenue West: All the Details
The completion of Park Avenue West, whose incomplete tower was once a physical reminder of the recession, is rapidly approaching. Its residential portion opened this year, a permanent loan with MetLife Real Estate Investments has been secured, and most of its office space is already leased with tenant improvements well underway.
Park Avenue West, a 30-story mixed-use project from TMT Development Co, offers 24k SF of retail space, 173k SF of residences and 193k SF of Class-A office space. A six-story underground parking garage supports the community living and working within the tower.
LEED Platinum certified, the tower’s 13 stories of office space are already 92% leased. Stoel Rivers, Portland’s oldest and largest law firm, will soon call Park Avenue West home, along with Washington Trust Bank, Morgan Stanley and Charles Schwab. In Portland’s West End, the tower situates tenants and residents amidst downtown art museums, theaters, shopping, restaurants and transportation.
Construction stopped cold in 2009, leaving Park Avenue West an incomplete eyesore (pictured above) until work resumed in 2013. The Oregonian reports its 15-floor residential component was originally intended to be condominiums, but became available for lease as apartments in March.
Park Avenue West’s 202 residential units offer a wide array of amenities, including a private lobby with controlled access, lounges with indoor and outdoor gathering spaces, an outdoor terrace with a fireplace and grilling station, a fitness center and an electric car charging station, according to TMT Developments.
Apartments average 840 SF and are a mix of studio, one- and two-bedroom units. Almost every floor offers 360-degree views. Monthly rent ranges from $2,100 to $4,500.