Board of Trade
OREP formed a joint venture with New Urban Properties in November 2014 to acquire an 87,000 square foot historic office building in Portland, OR.
The Partnership’s original business plan was to increase the below market rents through completion of minor physical improvements, improved property management, and a focused commercial brokerage relationship. Following closing, the Partnership initiated improvements to both the exterior and interior of the property with the most notable improvements occurring in the building lobby. The Partnership also replaced the property manager with a more sophisticated operator. Lastly, the Partnership contracted with a new broker to more professionally market the spaces for lease – this has resulted in several new leases at a premium to in-place rents. The Partnership marketed the property for sale in Q2 2016.
The property was sold in September 2016.