Fremont Place I&II Sell for $17.5M

PORTLAND-McMorgan & Co. added to its local portfolio last month with Fremont Place I&II, an 119,000-sf office development where Northwest Naito Parkway meets Interstate 405. The pension fund advisor’s McMorgan Institutional Real Estate Fund I paid $17.5 million for the development, which is 99% leased.

Lou Lauman of CB Richard Ellis represented the seller, Henderson Global Investors (for Phoenix Life Insurance Co.), but was not immediately available for comment. Insignia/ESG, which has a relationship with McMorgan nationally for management, was awarded both the management and leasing assignments.

The two building, class B+ office project developed from 1987 to 1988 with a typical floor plan ranging from 21,000 to 28,000 sf and free parking at 4 spaces per 1,000 sf leased. Leasing broker Coby Holly says the building is will benefit from the 1998 River District Renewal Plan, which calls for the development of a Greenway Park at the neighboring centennial Mills site as well as a gateway bridge connecting river district to the rest of the burgeoning Pearl District.