August 2, 2019
Deka Immobilien acquired an 11-story creative office building in Portland’s CBD from a joint venture of KBS and True North Management Group for $47.5 million. The 116,224-square-foot “6Y” property at 811 SW Sixth Ave. overlooks Pioneer Square.
The building underwent a repositioning that encompassed a strategic renovation that included upgraded creative office suites, a tenant lounge and a contemporary lobby.
Colliers International’s Robert Stamm and Andres Roldan represented the buyer, with local support provided by Chris Johnson. NKF’s Nick Kucha, James Childress and Bill DeLacy represented the seller.
Stamm says, “This stabilized creative office asset in a Main-and-Main location in the city’s CBD was the perfect fit for Deka’s first acquisition in Portland. The purchase demonstrates the fund’s ongoing appetite for well-located, high-quality institutional assets, as well as its willingness to enter new markets with confidence based on our team’s market knowledge and experience.”
The purchase by Deka’s open-ended, dollar-denominated North America Fund (DINA) is its third U.S. acquisition over the past nine months, and first in Oregon.
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