As Portland developer Walt Bowen builds one downtown tower, he’s exiting another.

The office space within the 19-story Broadway Tower has sold to Principal Real Estate Investors for $132.3 million. The price equates to $756 per square foot.

The sale comprises 175,000 square feet of office space on floors nine through 19. The office space was 99 percent leased to tenants including Amazon, Markowitz Herbold, Cable Huston, Chicago Title and Lawyers Title.

The seller was a limited liability company, BDC/Broadway Office, linked to Bowen. His BPM Real Estate Group opened the building in November 2018. BPM is the developer of the Block 216 mixed-use tower now under construction in downtown Portland.

The transaction closed in early March. The purchase does not include the Radisson RED hotel on the first eight floors of Broadway Tower, which is located at 1455 S.W. Broadway, near Portland State University.

The buyer, Principal Real Estate Investors is based in Des Moines, Iowa; it’s a group within Principal Global Investors.

Newmark Knight Frank represented the seller. The sale includes “some of the very highest quality office space that Portland’s seen,” said Nick Kucha, an NKF vice chairman based in Portland.

“There have been very few high-quality modern office towers built in Portland in the last few years,” he said.

Because of that, Broadway Tower attracted high-quality tenants and eager buyers, he said.

Besides Kucha, James Childress (managing director) and Jeff Hodson (director) represented the seller in cooperation with Kevin Shannon (co-head of U.S. capital markets) and James Ikeguchi (senior financial analyst). Principal Real Estate Investors represented itself.

Available office space in the building was being offered at $35 per square foot on a triple-net basis.

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