PORTLAND, OR-CBRE recently completed the sale of First & Market, a 295,778 square foot asset that includes two office towers – 1621 SW First Avenue, which is seven stories and 179,765 square feet and 100 SW Market Street, which is six stories and 116,013 square feet.
CBRE's West Coast institutional office experts Kevin Shannon, Ken White, Sean Sullivan and Russell Ingrum, along with CBRE's Portland market experts Trevor Kafoury and Jason Green, represented the seller, Regence BlueCross BlueShield of Oregon in the transaction. The buyer was Calstrs. The price was not disclosed.
As part of the deal, Regence will lease back 197,279 square feet, or 67% of the project. The leaseback includes the entire building at 1621 SW First Avenue and the basement of 100 SW Market. The buyer plans to reposition the remaining 98,499 square foot portion of 100 SW Market to attract the growing base of technology and creative tenants in Portland's South Waterfront District.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
