Portland, OR (May 1, 2019) — Newmark Knight Frank (NKF) has announced the $118 million sale of Field Office, a Class A, two-building, 287,216-square-foot mixed-use project along River Promenade within Portland’s Pearl District.
With construction completed in 2018, Field Office is located at 1895 and 2035 Northwest Front Avenue. The LEED™ Platinum certified property is situated on 2.3 acres and features large flexible floorplates, on-site daycare, large courtyard area with seating and fire pits, fitness center, executive rooftops with city and river views, and below-grade parking, among other modern amenities. NAIOP/CAB awarded the project the 2018 Office Development of the Year.
NKF Co-Head of U.S. Capital Markets Kevin Shannon, Vice Chairmen Nick Kucha and Steven Golubchik, and Directors James Childress and Bill DeLacy represented the seller, a venture of National Real Estate Advisors, LLC and Project^. The buyer, a venture of the Merchant Banking Division of Goldman Sachs and Lincoln Property Company, represented itself.
Located just north of and easily accessible to Downtown Portland, the property is adjacent to Interstate 405 and is directly across the street from 648 new multifamily units, in addition to more than 600 proposed within the submarket.
About Newmark Knight Frank
Newmark Knight Frank (“NKF”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, NKF’s 16,000 professionals operate from approximately 430 offices on six continents. NKF’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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