PORTLAND, OR—Working on behalf of institutional investors, Prudential Real Estate Investors has acquired Block 300, a 361,805 square foot class A office property. Additional terms of the transaction were not disclosed.
Block 300 is a LEED Gold certified, 10-story office property located in the technology triangle of Portland's central business district. Constructed in 1991, the office underwent significant renovations in 2013 and 2014, including a fully redesigned lobby, an updated on-site fitness center and a new state-of-the-art conference facility.
In addition, Block 300's green design specifications are expected to result in savings in water, electricity, and gas, which will decrease expenses for tenants.
“The recently renovated Block 300 is a best-in-class office asset that will continue to benefit from increased demand from technology companies seeking class A office space with modern amenities, efficient floor plates and easy access to mass transit,” said Kevin Smith, head of Americas at Prudential Real Estate Investors (PREI). “Our purchase is a continuation of our strategy to pursue urban office properties below replacement cost to capitalize on the expanding job market and deliver strong and stable cash flows to our investors."
PREI is the real estate investment management and advisory business of Prudential Financial Inc. and operates as Pramerica Real Estate Investors in markets outside the Americas, Korea and Japan.
PREI has professionals in 19 offices in the Americas, Europe and Asia Pacific with deep local knowledge and expertise, and gross assets under management of $61.7 billion.
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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.
