BPM Real Estate Group’s Portland high rise, Pearl West, sold to real estate giant
June 19, 2017
One of the city’s newest Pearl District signature buildings has, a little more than a year after opening, attracted a new owner.
Pearl West was acquired by LaSalle Investment Management, which bought it from BPM Real Estate Investments LLC. Holliday Fenoglio Fowler LP marketed the property on behalf of Walter Bowen‘s BPM.
The LEED Gold structure quickly became a signature part of its Pearl neighborhood.
Terms of the deal weren’t immediately disclosed.
Pearl West offers 155,465 square feet of rentable space. Its LEED Gold-certified offices sit atop retail spaces at Northwest 14th Avenue and Irving Street.
The building is 89 percent leased after reaching the nearly full-capacity level as of April. Investors had been eyeballing the new-ish structure for several months, insiders said.
The Pearl West project played a key role in Portland CRE annals: It was the first structure to break ground after the Great Recession. The PBJ’s Jon Bell talked to BPM’s Bowen about the project last year.
The building’s tenants include the health care company Zoom.
“Pearl West will stand the test of time for its innovative design and for the best-in-class tenants who value office environments that feed creativity, innovation and hard work,” Bowen said in a release.
Nick Kucha led the HFF investment sales team representing the seller. Others on the team included James Childress and Logan Greer.
LaSalle Investment Management is a wholly owned affiliate of Jones Lang LaSalle (NYSE: JLL).