November 14, 2019
An affiliate of Portland-based Gerding Edlen acquired Power + Light, a Class A office building in Portland’s CBD from an affiliate of Beacon Capital Partners for $131.5 million. The 272,079-square-foot asset is located at 920 SW Sixth Ave. and underwent a $9.4-million repositioning in 2018 to appeal to tenants seeking creative office space in a walkable location.
The renovation included an overhaul of the building lobby and the addition of a high-end fitness center equipped with shower and locker facilities, bike storage and an indoor/outdoor rooftop tenant lounge. The 15-story building is currently occupied by a diverse mix of office and retail tenants.
NKF’s Nick Kucha and James Childress, along with JLL’s Buzz Ellis and Rob Hielscher represented the seller. The buyer was self-represented.
Kucha says, “Beacon’s creative conversion of this historic icon in the Portland skyline has transformed Power + Light into a market-leader that competes even with newly constructed office assets throughout the city.”
For comments, questions or concerns, please contact Dennis Kaiser