HFF announces sale of office tower in Portland’s Old Town/Chinatown district
PORTLAND, OR – January 18, 2018 – Holliday Fenoglio Fowler, L.P. (HFF) announces the sale of 220 NW Second Avenue, a 238,751-square-foot, value-add, transit-oriented office tower in the north end of Portland’s CBD.
The HFF team marketed the property on behalf of the seller, Menlo Equities. An institutional investor, advised by local development partner Specht Development, Inc., purchased the asset.
220 NW Second offers unmatched connectivity to public transit and sweeping views of the Portland skyline across large contiguous floor plates. The building has served as NW Natural’s headquarters since construction. With NW Natural’s relocation to 250 Taylor, the new ownership will have the opportunity to reposition 220 NW Second by modernizing the lobby, adding first-floor shared tenant amenities and activating existing retail spaces.
The HFF investment advisory team included director Logan Greer, senior managing director and co-head of HFF’s national office investment advisory platform Michael Leggett, senior managing director Gerry Rohm, senior director Ben Bullock, director Dave Otis and analysts Jeff Hodson and Kevin Freels.
“We continue to see value-add opportunities price aggressively across the Pacific Northwest,” Greer said. “Within the close-end fund space, an immense amount of value-add capital has accumulated and, with few opportunities in the market, we do not expect the pent-up demand for value-add product to decline anytime soon.”
About Menlo Equities
Founded in 1994 by Henry Bullock and Rick Holmstrom and headquartered in Menlo Park, California, Menlo Equities is a vertically integrated commercial real estate company engaged in the acquisition, development and operation of properties in select technology markets. Since its founding, Menlo Equities has acquired or developed more than 110 properties with a total value of approximately $5.6 billion, and they have developed and built more than 4.1 million square feet of high-profile office, R&D and engineering commercial real estate. Learn more at menloequities.com.
About Specht Development, Inc.
Specht Development, Inc. was formed in 1992 as the development services arm for all related Specht entities and is located in Lincoln Tower in Portland, Oregon. Specht Development, Inc. has been involved in all sides of real estate transactions; as advisor, buyer, seller, partner and developer. This perspective enhances its ability to achieve market and client goals and to offer cost effective and creative solutions to real estate opportunities.
Since its founding, Specht (and its affiliated entities) has been responsible for developing or providing project and construction management on over 9.5 million square feet of commercial and industrial real estate with a cost basis of over $822 million.
HFF and its affiliates operate out of 25 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.