Newmark facilitated the sale of Leland James, a recently redeveloped 118,104-square-foot multi-tenant office building located in Portland’s Slabtown District. The property was fully occupied at the time of its sale.
The transaction was led by Newmark Vice Chairman Nick Kucha, Senior Managing Director James Childress and Associate Director Jakob Nicholls on behalf of the seller. Spear Street Capital served as the buyer. Additionally, Newmark Executive Vice President and Managing Director Dave Squire and Director Josh Williams acted as leasing advisors for the previous ownership.
Situated at 2175 NW Raleigh Street, this former corporate office building underwent redevelopment in 2018. “This successful sale is evidence of Portland’s renewed interest in office properties after a three-year pause,” stated Kucha confidently while also acknowledging that it sets new market values for similar assets in the area. Childress added that Leland James is one of top three premier office buildings within city limits which explains its competitive pricing compared to other properties currently on offer throughout Portland.
The article titled “Spear Street Capital Buys Leland James Office Building for $41M” originally appeared on Connect CRE.
