Gerding Edlen Buys 272,079 SF Power + Light Office Building in Portland for $131.5M
PORTLAND, ORE. — An affiliate of Gerding Edlen has acquired the Power + Light Building, an office property located in the central business district of Portland. An affiliate of Beacon Capital Partners sold the asset for $131.5 million.
Located at 920 SW Sixth Ave., the 272,079-square-foot property was repositioned in 2018 to appeal to tenants seeking creative office space in a walkable location. The recent $9.4 million repositioning included an overhaul of the building lobby and the addition of a high-end fitness center equipped with shower and locker facilities, bike storage and an indoor/outdoor rooftop tenant lounge.
At the time of sale, a diverse mix of office and retail tenants occupied the 15-story building. Power + Light is located a few blocks from Pioneer Square and Portland’s multi-modal transit hub.
Nick Kucha and James Childress of Newmark Knight Frank, along with Buzz Ellis and Rob Hielscher of JLL, represented the seller. The buyer was self-represented in the transaction.