Thursday, August 27, 2020

CIBC funds refinance of historic Portland, OR office building


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.

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
Due to its location at 621 SW Morrison Street, the property has been bestowed with a Walk Score®, Ride Score® and Bike Score® of 99, 98 and 96, respectively.

 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.


Colby Mueck
 “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.

“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.


Frank Ortiz
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.

 The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

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CONTACTS:

Kristen Murphy
JLL Senior Manager
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Phone: +1 617 848 1572



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