Pearl West sells, from BPM Real Estate Investments to LaSalle Investment Management
Located on the west side of the Pearl District, the Pearl West mid-rise tower holds 155,465 square feet of rentable office space. Completed in 2016, Pearl West is LEED Gold-certified, with creative office suites and high-street retail.
And now it's been sold.
Holliday Fenoglio Fowler, L.P. (HFF) brokered the sale of the newly developed Pearl West office tower. The seller was Walter C. Bowen's BPM Real Estate Investments, LLC, and the buyer is LaSalle Investment Management.
LaSalle is a lead real estate investment manager globally, with approximately $58 billion of private and public equity and private debt investments under management. LaSalle Investment Management affiliates are wholly-owned, operationally independent subsidiaries of Jones Lang LaSalle Incorporated, one of the world's largest real estate companies.
The HFF investment sales team representing the seller was led by senior managing director Nick Kucha and included director James Childress and associate Logan Greer. HFF and its affiliates operate out of 24 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry.
The seller BPM was founded by Walter C. Bowen, who has more than 35 years of experience in developing, operating and owning senior housing properties, office buildings, self-storage and large apartments. BPM and affiliates have total development experience of $400 million in projects located in Portland, Eugene and Bend, as well as $1 billion of development experience throughout the West coast. It has developed and converted more than $80 million of apartments to condominiums.
"HFF did an excellent job identifying a buyer who recognized the value Pearl West has created for a well-designed building in a prime Pearl District location," said Walter Bowen, CEO of BPM Real Estate Investments. "Pearl West will stand the test of time for its innovative design and for the best-in-class tenants who value office environments that feed creativity, innovation and hard work."
The property includes 150 vehicles, storage for 87 bicycles and tenant shower and locker facilities. It is currently 89 percent leased to tenants including Wacom, Zoom+, Regus and Howard S. Wright.