HFF announces sale of office tower in Portland’s Old Town/Chinatown district

220 NW Second Avenue Office Tower, North End of Central Business District
in Portland, OR

Logan Greer

PORTLAND, OR – Jan. 18, 2018 – Holliday Fenoglio Fowler, L.P. (HFF) announces the sale of 220 NW Second Avenue, a 238,751-square-foot, value-add, transit-oriented office tower in the north end of Portland’s CBD.

The HFF team marketed the property on behalf of the seller, Menlo Equities. An institutional investor, advised by local development partner Specht Development, Inc., purchased the asset.

Michael Leggett

220 NW Second offers unmatched connectivity to public transit and sweeping views of the Portland skyline across large contiguous floor plates. The building has served as NW Natural’s headquarters since construction.

 With NW Natural’s relocation to 250 Taylor, the new ownership will have the opportunity to reposition 220 NW Second by modernizing the lobby, adding first-floor shared tenant amenities and activating existing retail spaces. 

The HFF investment advisory team included director Logan Greer, senior managing director and co-head of HFF’s national office investment advisory platform Michael Leggett, senior managing director Gerry Rohm, senior director Ben Bullock, director Dave Otis and analysts Jeff Hodson and Kevin Freels.

 “We continue to see value-add opportunities price aggressively across the Pacific Northwest,” Greer said. “Within the close-end fund space, an immense amount of value-add capital has accumulated and, with few opportunities in the market, we do not expect the pent-up demand for value-add product to decline anytime soon.”

 Founded in 1994 by Henry Bullock and Rick Holmstrom and headquartered in Menlo Park, California, Menlo Equities is a vertically integrated commercial real estate company engaged in the acquisition, development and operation of properties in select technology markets.

Gerry Rohm

 Since its founding, Menlo Equities has acquired or developed more than 110 properties with a total value of approximately $5.6 billion, and they have developed and built more than 4.1 million square feet of high-profile office, R&D and engineering commercial real estate.  Learn more at http://www.menloequities.com/.

Specht Development, Inc. was formed in 1992 as the development services arm for all related Specht entities and is located in Lincoln Tower in Portland, Oregon.

Specht Development, Inc. has been involved in all sides of real estate transactions; as advisor, buyer, seller, partner and developer. This perspective enhances its ability to achieve market and client goals and to offer cost effective and creative solutions to real estate opportunities.

Since its founding, Specht (and its affiliated entities) has been responsible for developing or providing project and construction management on over 9.5 million square feet of commercial and industrial real estate with a cost basis of over $822 million.

For more information on this release, please contact:

OLIVIA HENNESSEY

HFF Public Relations Specialist

(713) 852-3500

ohennessey@hfflp.com