May 14, 2019
Bethesda, MD-based ASB Real Estate Investments acquired a 117,591-square-foot creative office building in the Portland, OR’s dynamic, close-in Slabtown neighborhood for $67.5 million. The purchase from Cairn Pacific and Capstone, along with its institutional investment partner, was made on behalf of the ASB Allegiance Real Estate Fund, a $7.5 billion core investment vehicle.
Located at 2175 NW Raleigh St., the brick-façade Leland James Building was constructed in 1973 and fully redeveloped in 2018. The asset features large 36,000-square-foot floorplates, up to 15-foot ceiling heights, and underground parking for 74 cars and 124 bicycles. The LEED Gold-certified property is 80% leased, anchored by two large tenants: the Regus co-working brand, Spaces, and the headquarters of Jet Global, a leading world-wide data analytics firm.
NKF’s Nick Kucha, James Childress and Bill DeLacy acted as the sole broker on behalf of the seller.
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