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CalPERS Buys Koin Center for $108M

PORTLAND, OR-The deal includes the office portion of the mixed-use high rise and two adjacent development parcels, including a full-block office site and a half-block residential site.

By Brian K. Miller | Updated on July 05, 2007

PORTLAND, OR-The 347,000-sf (net rentable) Koin Center tower and two adjacent redevelopment parcels have changed hands for $108 million, according to a combination of sources, including the seller and other local sources. The full transaction has not yet been recorded with the county. Commonwealth Partners acquired the properties on behalf of CalPERS.

Koin Center is a mixed-use building with 23,000 sf of street-level retail, 324,000 sf of office space on floors four through 19 and 44 condominiums on the top 11 floors. Below grade are the studios and broadcast facilities (68,000 sf) of KOIN-TV, the local CBS affiliate and parking for 300 vehicles. Building vacancy is approximately 13.5%, according to local sources.

Also included in the deal is 140 SW Columbia St., a full-block immediately east of the office tower that is slated for a high-rise office tower that has been marketed as 100 Columbia, and 202-218 SW Jefferson St., a half-block parcel immediately north of the office tower that currently holds the former headquarters of Pendleton Woolen Mills but is envisioned as a residential high rise.

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