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Press Releases

KBS Sells 127,504 Square-Foot Class A Office Tower in Tigard, Oregon for $27M

  • November 23, 2021
Press Releases

KBS Sells 127,504 Square-Foot Class A Office Tower in Tigard, Oregon for $27M

  • November 23, 2021
Demand is increasing for superior office assets in growing suburban markets across the country

TIGARD, OR. (November 18, 2021) – KBS, one of the largest investors in premier commercial real estate, has sold Triangle Corporate Park III, a five-story, 127,504 square-foot Class A office tower in Tigard, Oregon. The property was purchased by a fund managed by DRA Advisors in a joint venture with Prescott Partners for approximately $27 million.

“The Portland market has been experiencing a recent shift in demand from the urban core to the suburbs by active office tenants,” says Cordoves. “This asset is successfully positioned amidst the metro’s most highly sought-after suburban locations.”

KBS originally purchased Triangle Corporate Park III in 2005. Built in 1999 and with a history of institutional ownership, the asset today consists of 127,504 square feet of office space, a competitive 4.0 per 1,000 parking ratio and access off the Interstate 5 at the intersection of the Tigard and Kruse Way submarkets. The confluence of Tigard and Kruse Way is an exceptionally active suburban office market, contributing to steady high occupancy at the property, notes Brent Carroll, asset manager for Triangle Corporate Park III and senior vice president of KBS.

“The Tigard and Kruse Way submarkets have consistently been ranked as the best suburban markets in the Portland area, demonstrated by consistent rent growth and strong leasing activity,” says Carroll. “As KBS identified this strength early on, Triangle Corporate Park III has been very well occupied during our ownership, experiencing numerous expansions and renewals among tenants over time.”

Triangle Corporate Park III is strategically located in Washington County, less than 15 minutes from downtown Portland, part of Multnomah County. Suburban Portland has seen a significant up-tick in leasing activity recently. The asset’s location offers accessibility to downtown Portland while enjoying a favorable business environment.

“Triangle Corporate Park III’s capitalization on tenants actively seeking high-quality buildings in amenitized locations that are safe, clean, and easily accessible to their employee base made the property extremely attractive to us,” says Dan Goldman, Managing Partner of DRA Advisors.

Triangle Corporate Park III is poised for increased activity and tenant demand with market-leading building signage opportunities with unmatched freeway visibility. The property’s amenities include an on-site outdoor basketball court and high-end locker rooms.

Nick Kucha, along with James Childress, Jeff Hodson, and Kellen Kollmorgen from Newmark represented KBS in the sale of Triangle Corporate Park III.

“As one of the only Class A office buildings in the Tigard Triangle, this property has consistently set new rates for the submarket,” says Kucha. “Office investors who have been watching the suburban Portland market continue to grow have had this property in their sights for years.”

Attorneys Bruce Fischer and Caroline Pricher, and paralegal Amanda Kennedy of global law firm Greenberg Traurig, LLP’s Orange County office represented KBS as legal counsel in the disposition.

“We were very pleased to represent KBS in this significant strategic transaction, which is an example of needed superior office assets in suburban markets,” said Fischer, Greenberg Traurig’s Chair of the West Coast Real Estate Practice and Co-Managing Shareholder of the Orange County Office, who led the Greenberg Traurig team representing KBS.

Triangle Corporate Park III is located at 13221 SW 68th Parkway in Tigard, Oregon.

Please find photos of the property here.

Media Contact

Lexi Astfalk or Jenn Quader

Brower Group
949-438-6262
KBS@brower-group.com

Ginny Walker

KBS Public Relations Director
949-417-6535
gwalker@kbs.com

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Underwriting the Perceived Instability of Short-Term Office Leases

  • February 16, 2021
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Envisioning the Future of the Built Environment

  • January 29, 2021
Amidst the ongoing crisis, built environments are at the front lines of change and will play a huge role in creating a more resilient world going forward. Office architects are re-envisioning the future of the workplace—where and how we work. Unfortunately, there is no crystal ball to predict exactly what the new future-oriented office will look like, but what we do know is flexibility and adaptability will be key in resilient design.
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Why Texas is becoming a commercial real estate powerhouse

  • January 21, 2021
It looks like 2021 will be another big year for Texas, a year when a lot of major companies will make the jump and move to the Lone Star state. Just look at these transitions:
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