KBS Buys 315,000-SF Office Tower for $57M

PORTLAND, OR-KBS REIT II of Newport Beach, CA has acquired the 315,133-square-foot, 20-story One Main Place office tower in Portland’s central business district from Rreef. Terms of the deal were not disclosed, but industry sources say that KBS paid $57 million for the office tower, a class A building at 101 SW Main St. that is 99% occupied.

The One Main Place tower occupies an entire city block and is situated across the street from the Federal Courthouse, a block from the Willamette River and Hawthorne Bridge, The block it occupies is bounded by Main, First, Second and Salmon streets.

Commenting on what attracted KBS to the deal, KBS senior vice president and acquisitions director Peter Mette says that, with its location across from the federal courthouse and three blocks from the Multnomah County Courthouse, it remains attractive to law firms and other corporate space users wanting a convenient, prestigious downtown Portland address. “Few buildings in Portland can match One Main Place’s convenient location and Willamette River views,” Mette says.

Built in 1982, One Main Place has undergone several renovations, the last of which included the installation of a digital energy management system that has enabled the building to receive an Energy Star rating for the past five years. High-profile tenants including Education Northwest, Tripwire and Ball Janik LLC.

Rreef was represented by Russ Cooper and Darwin Rodriguez of the San Francisco office of Eastdil Secured. KBS Capital Advisors, the adviser for KBS REIT II and an affiliate of KBS Realty Advisors, negotiated the transaction for KBS REIT II.

Other Oregon properties owned by KBS-affiliated companies include 127,341-square-foot Triangle Corporate Park III in Tigard, 172,200-square-foot Evergreen Park in Hillsboro and 180,772-square-foot ADP Plaza in downtown Portland.