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| American Bank Building, 621 SW Morrison Street, Portland, OR |
PORTLAND,
OR — JLL Capital Markets announced it
has refinanced the American Bank Building, in Portland, Oregon, a
15-story, creative office property totaling 170,382 square feet.
JLL
worked on behalf of a joint venture between Lionstone Investments and
ScanlanKemperBard to secure the financing through CIBC.
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| Laura Sellingsloh |
Funds will be used to complete tenant and capital
improvements, including increasing the square footage to 175,956 square feet
and stabilizing the asset.
The
American Bank Building is positioned within the epicenter of Portland’s central
business district fronting the city’s 57-block transit mall and adjacent to Pioneer
Square, which is commonly referred to as “Portland’s Living Room.”
 |
| Tom Wilson |
Additionally, it is located within minutes of
all four MAX light-rail lines, numerous bus routes and streetcar line stops as
well as a wide variety of dining, shopping and entertainment offerings.
The
asset has been updated throughout the years, most recently in 2015, and offers
24,000 square feet of ground floor and mezzanine level retail space that is
fully leased, plus 144,551 square feet of office space that is 54% leased.
The
JLL Capital Markets team representing the borrower was led by Senior
Managing Directors Tom Wilson and Colby Mueck and Associate Laura
Sellingsloh.
“The
American Bank Building is one of Portland’s treasured assets and through a
carefully planned improvement program, is well positioned to continue to
provide tenants with a safe and healthy work environment,” said Frank Ortiz,
Head of Asset Management at Lionstone Investments.
 |
| Colby Mueck |
“Portland
is one of the most diversified economies in the U.S. and is less vulnerable to
the work from home disruption compared to other cities,” Wilson added.
“This
paired with the continued technology industry migration from high cost cities
bodes well for tenant demand and the overall long-term performance of the real
estate market.”
JLL
Capital Markets is a full-service global provider of capital solutions for real
estate investors and occupiers.
The
firm's in-depth local market and global investor knowledge delivers the
best-in-class solutions for clients — whether investment advisory, debt
placement, equity placement or a recapitalization.
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| Frank Ortiz |
The firm has more than 3,700 Capital Markets
specialists worldwide with offices in nearly 50 countries.
For
more news, videos and research resources on JLL, please visit our newsroom.
CONTACTS:
Kristen
Murphy
JLL
Senior Manager
Public Relations
Phone: +1
617 848 1572
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