January 26, 2017
Zeller Realty Group (ZRG) struck a deal with Shorenstein Properties to acquire the 298,176-square-foot Umpqua Bank Plaza in downtown Portland, OR. The Chicago-headquartered buyer reportedly paid $90 million for the Class A office tower at 1 S.W. Columbia St.
Zeller Realty retained Cushman & Wakefield to handle leasing and management for the asset. The Cushman & Wakefield team, consisting of Lana Baldock, Dan Swift and Havilah Coady, also handled leasing duties for Shorenstein, and will continue to do so for Zeller. Chris Battles, also with Cushman & Wakefield’s Portland office, is handling the building’s management.
Ryan Bergman and Bill Regalia, with ZRG, self-represented the buyer. Eastil Secured negotiated on behalf of the seller. The 19-story building is 97% occupied.
The acquisition is Zeller Realty’s first in the Portland market. “Serving as its first acquisition on the western coastline, this is a covetable asset which ZRG will utilize its skill, experience, creativity and high quality, institutional ownership to put its stamp on,” said Baldock.
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