91视频

Indigo at Twelve | West, a 22-story mixed-use tower developed by Gerding Edlen and Downtown Development Group in Portland’s West End, has sold for $206 million to Greystar Real Estate Partners.

The sale came after competition from multiple bidders, said Greg Goodman, co-president of Downtown Development Group.

鈥淭here was a frothy competition for it,鈥� he said. 鈥淚f we wouldn’t have gotten a price that we wanted, we wouldn’t have sold it.鈥�

The tower has anchored downtown Portland’s West End since its completion in 2009. The Goodman family partnered with Gerding Edlen as well as a number of other investors. ZGF Architects designed the glass-and-steel tower topped by wind turbines.

鈥淚t’s something we’re really proud of,鈥� Goodman said. 鈥淲e were able to participate with others in a legacy building and a catalytic project for the West End. It was catalytic for hundreds of millions of dollars of investment in the area.鈥�

The building has 273 luxury apartments, 86,000 square feet of office space and 10,000 square feet of retail space. ZGF anchors the office space, while tenants including Lardo, Grassa, Blue Star Donuts and Beer O’Clock fully occupy the retail units.

Goodman said the sale 鈥渧alidates鈥� other projects coming to the West End, including Walt Bowen’s 35-story Block 216 proposal, the 12-story Graves Hospitality hotel at Southwest 10th Avenue and Alder Street and the 24-story tower from Gerding Edlen and Downtown Development Group at Eleven West, or Southwest 11th Avenue and Washington Street.

Indigo at Twelve | West was completed amid the Great Recession. The Goodmans had to drop rents to compete with other projects.

鈥淲e had (planned for) $2.42 a foot and opened at $1.90 a foot,鈥� Goodman said.

Greystar, based in Charleston, South Carolina, is a major institutional real-estate investment, development and management firm. Last year, the company pulled out of a deal to develop a tower at the site of the Washington Center聽building at Southwest Fourth Avenue and Washington Street. That property is owned by聽Menashe Properties.

Jones Lang LaSalle‘s Capital Markets team brokered the deal. The commercial side was led by JLL managing directors Buzz Ellis and Paige Morgan, and Vice President Adam Taylor. Senior Vice President Mark Washington and managing directors David Young and Corey Marx led the multifamily team.