Existing home sales came in at a whopping 6,850,000, beating estimates with the highest print since 2006. Days on market fell from 36 days to 21 days on a year-over-year basis. Cash buyers remain at
Developers Behind Pearl West Plan A 20 Story Office And Hotel Tower Downtown
Dated: August 25 2015
Next up for the real estate development firm behind the Pearl West office building in the Pearl District: a 20-story tower that will be home to a 170-room hotel and 200,000 square feet of Class A office space.
Portland based BPM Real Estate Group announced today that it will break ground in early 2016 on a 20-story mixed use tower that will include a hotel, offices and underground parking with 320 spaces in between Southwest Columbia and Southwest Clay streets along Broadway. The parcel is currently vacant.
“Portland has one of the highest Class A office occupancy rates in the nation,” said Walter Bowen, BPM’s president, in a release “Given the success we are having with leasing our Pearl West building to companies like WACOM, Howard S. Wright, and Regus, I believe it is time for another well-designed and -built office building to be constructed downtown.”
BPM is working with the city of Portland on the entitlement process for the property and expects to break ground on the project in April 2016. Completion is expected by in spring 2018.
“This building will feature one of the largest contiguous blocks of office space in the region,” Bowen said. “Like Pearl West, we will build it on a speculative basis, but interestingly, we have already heard from several large prospective tenants who are interested in leasing space.”
The entire building tops out at 448,000 square feet. The hotel, which has not been named yet, is expected to occupy the first seven floors. Floors eight through 20 will all be office space.
Designed by GBD Architects of Portland and to be constructed by Howard S. Wright, a Balfour Beatty company, the building’s exterior will be a high performance curtain wall system comprised of composite metal panels and large expanses of glass to provide plenty of natural light.
There will be rooftop amenity space that takes advantage of views of the Cascade mountains, the West Hills and the urban landscape of downtown Portland. BPM, GBD Architects, and Howard S. Wright are targeting LEED Gold when completed.
For Mark Ross, founder of Ross NW Real Estate and professional real estate broker, real estate has always been the career of choice. During his 25+ years in the industry, Mark has gained experience in....
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