KBS Growth & Income REIT, a publicly registered non-traded real estate investment trust, purchased the 219,742-square-foot Commonwealth office tower in Portland, Oregon for $69 million.
The Commonwealth is a 14-story class A office building that includes a rooftop deck, conference room, tenant lounge, fitness center with locker rooms and showers, bike center and a central lobby. KBS said it plans to redesign and expand the lobby and current amenities while also adding a new onsite management office. The building is 97 percent leased to a number of tenants, including Quantum Spatial, the Northwest Energy Efficiency Alliance, and Galois.
“With 70 percent of the property leased to tenants with true creative space, the Commonwealth building is one of Portland’s first traditional office towers to undergo a creative conversion and has been a preferred location for creative-tech tenants,” said Clint Copulos, KBS vice president and asset manager for the property. “We believe the tech ecosystem at the property, along with the unique building amenities, has created a sense of community highly sought-after by forward-thinking users.”
The property is located in Portland’s Technology Triangle, a cluster of creative/technology companies, and is within close proximity to a number of restaurants, shopping destinations, and hotels.
KBS Growth & Income REIT focuses on core real estate properties and currently owns a portfolio of two multi-tenant office buildings. The company’s public offering went effective in late April 2016 and has raised $1.6 million in investor equity since that time.