April 10, 2019
Unico Properties LLC and Partners Group purchased Montgomery Park, a 745,000-square-foot office property in Portland, OR from Bill Naito Company for a reported $255 million. The building is currently 94% leased to high-profile tenants including Adidas, Daimler Trucks North America, WebMD, OnPoint Community Credit Union, Wells Fargo, and Kaiser Permanente.
The 18-acre property, located in the Northwest/Slabtown district, consists of a nine-story building, which was originally constructed in 1921 as Montgomery Ward’s department store. The site also contains a 335,000-square-foot historic warehouse and a three-acre development site, which could accommodate more than 800,000 square feet of new development.
The new owners plan to make significant capital investments to reposition, redevelop and develop the site, transforming it into a preeminent urban campus and bringing a first-class, amenity-rich tenant experience to the property.
CBRE’s Graham Taylor and Charles Safley represented the seller. Acquisition financing was arranged by CBRE’s Nick Santangelo.
For comments, questions or concerns, please contact Dennis Kaiser