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Urban Renaissance Group Purchases First Property;
Company Buys Sherlock Building in Downtown Portland for $9.75 Million
- 61,000 square-foot office building recently named to National Register of Historic Places
Portland, Ore. – August 24, 2007
Urban Renaissance Group, a Seattle-based real estate investment and development company, today announced the acquisition of the Sherlock Building, a 61,000 square-foot, mid-rise office building located at 320 SW Oak Street in Portland’s Core Business District. The company, in partnership with Boston-based Great Point Investors LLC, purchased the building for $9.75 million. It is Urban Renaissance Group’s first investment; the company was founded in 2006.
“Portland’s economic strength and continued employment growth make it the perfect city to purchase our first property and showcase our business philosophy,” said Urban Renaissance Group’s founder and chief executive officer Patrick Callahan. “The Sherlock Building is a unique property in the heart of the city’s downtown core; we are thrilled to make this our first investment in the city.”
The six-story Sherlock Building was constructed in 1893 and 1894. An excellent example of late nineteenth century urban design with a classic brick façade and arched windows, the building is on the National Register of Historic Places. Currently, the building is fully leased with two tenants; Ruth’s Chris Steak House at street level and the Zimmer Gunsul Frasca Architects, LLP (ZGF) occupying the remaining five floors.
Urban Renaissance Property Company, which also manages close to one million square-feet of property along the I-90 corridor in Bellevue, Wash., will manage the Sherlock property.
Urban Renaissance Group, a full-service commercial real estate company specializing in sustainable and transit oriented development, was founded by Patrick Callahan in 2006. Callahan started the company following a 15-year career at Equity Office Properties where, as a senior vice president from 2000-2006, he oversaw a vast region that included 18 million square feet, 114 buildings and more than 300 employees in Seattle, Bellevue, Portland and Denver.
About the Sherlock Building
The Sherlock Building has immediate access to a variety of transportation options including major bridge-heads, freeways and the streetcar. The building’s access to the waterfront as well as downtown restaurants, hotels and living options make it a desirable location for tenants. The floors of the building range from 8,700 – 10,500 square feet with the sixth floor featuring an atrium that sheds abundant natural light throughout the building.
In addition, the property boasts a roof-top deck with views of downtown Portland.
Portland’s strong employment growth, increasing tenant demand and declining vacancy rates are expected to cause rental rates to increase over the next 12 to 24 months, as one of the most efficient and elegant historic buildings in Portland’s core downtown business district, the Sherlock offers unique spaces and convenience.
ZGF will vacate its offices on floors two through six in 2009 when it consolidates its operations to SW 12th Avenue and Washington. At that time, approximately 46,000 square-feet of contiguous office space will be available for lease at the Sherlock Building.
About Urban Renaissance Group
The Urban Renaissance Group, LLC is a Seattle-based full-service commercial real estate company, engaged in consulting, development, asset management, property management and ownership in Seattle, Bellevue, Portland and Denver. The strategic premise of the Urban Renaissance Group is that the form of the American City will change dramatically during the next 20 years. The Urban Renaissance Group will act as a catalyst that understands and ignites that change, thereby generating superior returns for its investors, as well as opportunities for its partners and employees. Founded by Pacific Northwest real estate veteran Patrick Callahan, Urban Renaissance Group’s primary focus is on office, residential and mixed use opportunities that support and encourage urban community, smart growth and transit- oriented development.
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