President and CEO Scott Langley will continue to lead LIP and will refocus the firm's efforts on private investment and development opportunities, including opportunities with URG. He will also join the URG Board of Directors.

"With similar cultures, values and portfolios, URG and LIP's operating portfolios are incredibly well-aligned," says Langley. "This deal also allows LIP to continue its long history in the Portland market and refocus our efforts on private investment and development opportunities."

As part of the transition, URG's Portland Market Leader Tom Kilbane has also been promoted to Vice President, Regional General Manager. He will be responsible for overseeing the combined operations, which now include ten significant assets in the Portland Market.

"Both firms share the perspective and values of a committed owner that thinks long-term and cares deeply about the real estate," Callahan adds. "With their great depth of talent and skill, we look forward to welcoming the LIP operating team to URG," continues Callahan.

"This transaction gives us scale to expand our in-house team while providing a full range of commercial real estate services," says Kilbane. "With Portland's favorable business environment, ability to attract a highly-skilled workforce and overall desirability, we anticipate that demand for office space will continue to grow."

URG's acquisition of LIP's operating portfolio, which includes leasing, property management, parking management and construction, will more than double the company's existing Portland portfolio of approximately 700,000 square feet. LIP's four major assets total 1.4 million square feet, which are now added to URG's portfolio.

The new assets include:

Pacwest Center. Located in Portland's Central Business District at 1211 SW Fifth Ave., the 522,000-sq.-ft., 30-story Pacwest Center—built in 1984 and renovated in 2011—features Schwabe, Williamson & Wyatt, and Merrill Lynch & Company as major tenants.

Liberty Centre. Built in 1997, the 17-story, 277,000-sq.-ft. LEED-Silver Certified Liberty Centre building located at 650 NE Holladay in Portland's vibrant Lloyd District features panoramic views and major tenants Liberty Northwest and Knowledge Universe.

Moda Tower. Located at 601 SW Second Ave. in Portland's Central Business District, the 398,000-sq.-ft., 24-story Moda Tower built in 1999 features Lane Powell and Health Services Group (Moda) as major tenants.

One Pacific Square. The 240,000-sq.-ft. One Pacific Square building, built in 1983 and renovated in 2011, is located in the Old Town/Chinatown District of Portland's Central Business District and features NW Natural as a major tenant.

Additionally, URG's Portland-based existing office assets include Five Centerpointe, 1320 Broadway, Willamette Oaks, 2100 River Parkway, the Morgan Building and Yeon Building. URG is currently completing a major renovation of 1320 Broadway.

Although no purchase price was revealed, in addition to being a significant operator, URG is an active developer in Seattle, having acquired real estate firm Touchstone in December 2014, as GlobeSt.com previously reported. In this development cycle, URG will deliver 1.6 million square feet of office space and two hotels in the Seattle market. URG also acquired its first asset in Denver in 2015. In 2012, Joshua Green Corporation became the majority investor in Urban Renaissance Group.