Newmark refinances the Galleria in $61.5 million deal
Global commercial real estate company Newmark has arranged a $61.5 million refinancing of the Galleria building in downtown Portland, according to a March 8 announcement from the company.
The Galleria was acquired in December 2019 and recently underwent a $20 million renovation, Pamplin Media Group previously reported. Now, global private market firms Unico Properties and Partners Group partnered with Newmark to help secure the refinancing.
The Galleria is a historical Class A office building that occupies an entire city block directly on the MAX transit line at Southwest Ninth street and Morrison in Portland's West End.
Ramsey Daya is Newmark's vice chairman.
"The Galleria received intense interest from multiple lenders due to its low leverage, strong recent leasing momentum and location within the highly desirable West End neighborhood," Daya said in a statement. "This financing will allow our client to complete its capital improvement plan to further the appeal of this beautiful historic building."
SERA Architects recently moved in to a long-term lease on the entire top floor. SERA and other tenants will enjoy the Galleria's new fitness center, renovated lobby and13-foot ceiling heights throughout the property, which is also pursuing LEED Gold and other certifications.
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