Cushman & Wakefield Hired to Perform Multiple Scope of Services
PORTLAND, Ore. – Zeller Realty Group (ZRG) announced today its acquisition of Umpqua Bank Plaza in downtown Portland. Zeller Realty Group acquired the 298,176 square foot Class A tower situated on the western shore of the Willamette River from Shorenstein Properties on January 6. Zeller Realty Group has hired Cushman & Wakefield to perform a multiple scope of services including Project Leasing and Project Management. The acquisition of Umpqua Bank Plaza marks ZRG’s first owned asset west of Denver, CO.
Serving as the long-time corporate headquarters of Umpqua Bank which occupies several of the 18 floors of office space in the tower, the Class A asset is prominently located along the waterfront at 1 SW Columbia Street at the immediate west end of the Hawthorne Bridge. The property was originally developed in 1974 but recently underwent renovation in 2015. Among the alluring attributes of Umpqua Bank Plaza include onsite dining establishments and fitness center plus walkability to downtown’s numerous vibrant amenities, multiple public transportation services and accessibility to the major freeways and arterials providing connectivity throughout the region. In addition, the transit-friendly property promotes remarkable bike accessibility set adjacent to a key transit path that runs along the waterfront as well as immediate access to the Hawthorne Bridge, one of the region’s most popular bicycle routes. There is also a unique bike hub onsite directly accessible from Naito Parkway that features secured bike storage, day lockers and a bike repair station.
“We are extremely pleased to enter the Portland market with our acquisition of Umpqua Bank Plaza,” said Paul M. Zeller, Chairman and CEO of Zeller Realty Group. “Having studied it closely for several years, we know first-hand that Portland is a leading growth market with a highly desirable lifestyle. We look forward to additional investment in Portland, as Zeller Realty Group continues its growth nationwide.”
The Cushman & Wakefield Project Leasing team will consist of local market experts Lana Baldock, Dan Swift and Havilah Coady of the firm’s Portland office. The team previously handled leasing efforts for the property for five years during Shorenstein’s tenure as owner and helped successfully drive occupancy to its current rate of 97 percent at the time of sale.
“It was a privilege to have worked with Shorenstein for many years on this exceptional property and we are grateful to have been retained by Zeller Realty Group. Umpqua Bank Plaza’s strategic downtown waterfront location is quite a rarity relative to its class, size and scale and we are eager to continue our effort of tenant retention while bringing this iconic tower to full occupancy,” said Lana Baldock, a Managing Director with Cushman & Wakefield. “Serving as its first acquisition on the western coastline, this is a covetable asset which ZRG will utilize its skill, experience, creativity and high quality, institutional ownership to put its stamp on. Umpqua Bank Plaza is a distinguishing property in Portland and we are thrilled that ZRG is entering the market by acquiring the asset.”
“Umpqua Bank Plaza is a terrific asset for Zeller Realty Group’s initial Portland acquisition,” said Bill Rogalla, Principal and Director of Acquisitions/ Dispositions for Zeller Realty Group. “Umpqua Bank Plaza is a first class asset in an excellent location and we look forward to building on its fine reputation. It was a pleasure working with the Shorenstein and Eastdil teams on this transaction, and we anticipate growing in this dynamic market.”
The Project Management portion of the assignment will be led by Laura Nichols of Cushman & Wakefield’s Project and Development Services, who, along with her team, will work closely with Zeller Realty Group on strategic planning and construction management to meet future objectives and goals set forth by ownership.
The downtown Portland office market continues to flourish. According to recent Cushman & Wakefield research, the central business district continues to see healthy tenant demand and leasing activity. Fueled by ongoing positive occupancy growth, direct Class A office vacancy dipped further into single digits by the close of 2016 at 9.6 percent. Meanwhile, the area ranks as one of the fastest-growing population markets in the country and has been a hotbed for in-migration by tech and creative companies.
To access a high resolution waterfront photo (aerial) of Umpqua Bank Plaza, click here.
To access a high resolution waterfront photo (aerial 2) of Umpqua Bank Plaza click here.
To access a high resolution photo (building) of Umpqua Bank Plaza click here.
To access a high resolution photo of Bill Rogalla click here.
About Zeller Realty Group
Zeller Realty Group (ZRG) is a vertically-integrated commercial real estate investment and development firm that has offered investors exceptional expertise, innovation, and insight to value for over 28 years. ZRG strategically selects properties for value creation, repositioning and reintroduction to their markets, while maximizing efficiency by providing a full spectrum of real estate services, including development, leasing, management, and construction. Headquartered in Chicago, Illinois, ZRG owns and operates assets in the Midwest, Colorado and Oregon, and continues to grow and expand its holdings nationally. Since its formation, the company has delivered strong returns for its partners and co-investors by providing best-in-class service to enhance value. Currently, ZRG owns and operates a portfolio of nearly 9 million square feet valued at $2.3 billion.
For more information, please visit: www.zellerrealty.com.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 43,000 employees in more than 60 countries help investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $5 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter
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