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Shorenstein Fund Closes on EOP's Portland Portfolio

PORTLAND, OR-The 4.2-million-sf portfolio includes 42 buildings and three development parcels, one Downtown, that could support an additional 550,000 sf of development. The purchase price is approximately $1 billion.

By Brian K. Miller | Updated on March 28, 2007

PORTLAND, OR-Shorenstein Properties LLC of San Francisco has closed on its acquisition of Equity Office Properties’ 4.2-million-sf local portfolio from the Blackstone Group, which acquired EOP in February and immediately began selling it off in smaller chunks by market.

The portfolio includes 46 buildings and three development parcels capable of supporting an additional 550,000 sf. Local industry sources tell GlobeSt.com the purchase price is approximately $1.1 billion, which equates to $262 per sf. Neither Shorenstein nor Blackstone would confirm the price.

The transaction, which GlobeSt.com first reported in mid-February, is the largest in the history of Portland. It is also the largest-ever acquisition for Shorenstein, which sponsors a series of closed-end funds. The Portland portfolio was acquired on behalf of its eighth investment fund, formed last year with $1.1 billion in committed capital, including $100 million from Shorenstein.

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