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One of the Pearl District‘s toniest office buildings has sold to a major institutional investor.

Deutsche Asset Management has completed the purchase of the 133,000-square-foot office building at 1417 N.W. Everett St. for $64.85 million, according to Multnomah County records. The building is home to anchor tenant Vestas North America as well as Portland-based developer Gerding Edlen.

The deal was structured as a three-way transaction. Tenants sold their building purchase option to Deutsche Asset Management. The asset management firm then exercised the option and purchased the building from Gerding Edlen.

JLL represented the tenants in the sale of the purchase option. Managing Director Buzz Ellis and Executive Vice President Paige Morgan led the JLL team on the sale.

The building was constructed in 1927 and originally functioned as a Meier & Frank warehouse. Gerding Edlen purchased the building in 2007 for $15 million, and embarked on a $66 million renovation.

Portland’s office market has drawn strong attention from institutional investors this year amid rising lease rates.

Editor’s Note: This article has been updated to reflect the recorded transaction price.