Historic Customs House, Home To WeWork, Trades For $30M
Vista Investment Group has acquired the historic 67K SF U.S. Customs House in the Pearl District from Eastern Real Estate for $30M.
At 220 NW Eighth Ave., the H-shaped U.S. Customs House occupies a full city block, bounded by NW Broadway, Everett Street and Davis Street. The building was developed in 1901 to accommodate the city’s growing prosperity in the late 19th and early 20th centuries.
The granite-and-brick building originally housed the U.S. Customs Service, which occupied the building for 67 years. The building is now 100% leased to a much more 21st-century entity, the collaborative workspace company WeWork.
“Portland’s Pearl District has undergone exceptional growth since peak vacancy in 2009," JLL Executive Vice President Paige Morgan said.
Morgan, along with Managing Director Buzz Ellis and Vice President Peter Furest, brokered the sale.
“The market’s 2.8M SF of office space has consistently outperformed the overall central business district," Morgan said.
The U.S. Customs House is Vista’s latest acquisition of historic buildings in urban neighborhoods of major West Coast cities.
Among Vista’s holdings are the original 82K SF Boeing corporate HQ in Seattle’s up-and-coming Georgetown neighborhood, and the 50K SF Jensen’s Recreation Center in Los Angeles’ Echo Park.
“Residential and office users alike appreciate the authentic experience that these historic buildings offer, and we will continue to look for opportunities on the West Coast for these types of assets," Vista President Jonathan Barach said.
"The U.S. Customs House is an irreplaceable building in the Pearl District."