Portland, OR – July 5, 2016 – On behalf of KBS, CBRE has been selected to provide real estate services— including property management, advisory and transaction services—for downtown Portland’s historic Commonwealth Building, a 14-story, 219,000 sq. ft. office tower widely recognized as the country’s first modern skyscraper.
Completed in 1948 and recognized on the National Registry of Historic Places in 1976, the Commonwealth Building was designed by Pietro Belluschi and pioneered several innovative features. In addition to being one of the first glass box towers ever built, the building was the first fully sealed and air-conditioned building; the first to utilize a curtain wall or non-structural skin; and aluminum and glass, double-glazed window panels.
Located at 421 SW 6th Avenue, the 219,000 square-foot Class A tower is within walking distance of a rich array of amenities, including a MAX light rail station and downtown Portland’s abundant hotels, restaurants and shopping. A recent building renovation added common area improvements, a roof top deck and tenant lounge, bicycle storage and fitness facility.
“CBRE has a strong working relationship with KBS throughout the region,” said Beth Halvorsen, Managing Director for CBRE’s Asset Services in the Pacific Northwest. “The addition of the Commonwealth Building to our managed portfolio is an exciting opportunity to build on that relationship. Our carefully chosen management team is uniquely positioned to deliver a world class service to the tenants in the building.”
Mary Dillon will lead CBRE’s asset management team while Kevin Kaufman of CBRE will handle advisory and transaction services.
“The Commonwealth Building is one of the most architecturally significant buildings in Portland and in the country,” said Kevin Kaufman of CBRE’s Portland office. “With its recent improvements and planned upgrades, this timeless, high-quality office building truly represents the intersection of architectural history, style and innovation necessary to suit a modern and creative workforce.”
“With 70% of the property leased to tenants with true creative space, the Commonwealth Building is one of Portland’s first traditional office towers to undergo a creative conversion and has been a preferred location for creative-tech tenants,” commented KBS Vice President and asset manager for the property, Clint Copulos. “We believe the tech ecosystem at the property, along with the unique building amenities, has created a sense of community highly sought-after by forward-thinking users.”
About KBS
KBS Capital Advisors is the external advisor to KBS Real Estate Investment Trusts (REITs), and is an affiliate of KBS Realty Advisors, a private equity real estate company and SEC-registered investment adviser founded in 1992. Since its inception, KBS-affiliated companies have completed transactional activity in excess of $31.9 billion via 14 separate accounts, six commingled funds, five sovereign wealth funds and seven non-traded REITs. For information, visit www.kbs.com.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
