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Sw Main St Portland, Or 97205 1200 SW MAIN ST PORTLAND, OR 97205 Value-Add Office 1200 Including Adjacent Parking • West End Location in Portland’s CBD • Central to Mass Transit and Amenities SW MAIN • Owner-User Potential • Parking Lot Development Opportunity CHARLIE FLOBERG PAIGE MORGAN ADAM TAYLOR +1 503 546 3660 +1 503 972 8098 +1 503 972 8607 c h a r l i e . fl o b e r g @ a m . j l l . c o m [email protected] [email protected] Licensed in OR Licensed in OR Licensed in OR Jones Lang LaSalle Brokerage, Inc. THE OFFERING JLL, as exclusive advisor for the seller, is pleased to Address 1200 SW Main St, Portland, OR 97205 offer for sale the fee simple interest in 1200 SW Main Street, (hereafter “1200 Main” or “the Property”), a Number of Floors Three 15,741 square foot historic office building located in the Total Building RSF 15,741 s.f. burgeoning West End of Portland, Oregon. Total Land SF 20,037 s.f. Designed by Sutton and Whitney Architects, and completed in 1924, the Temple Beth Israel congregation Parcel R246842, R246848 originally built the three story structure to house the Year Built 1925 congregation’s religious studies programs. The Property was sold to a radio station in 1945 and underwent a Parking 35 spaces remodel spearheaded by the offices of Pietro Belluschi. Zoning RX - Central Residential* The current owners bought the building in 1977 and have FAR 8:1 since renovated to house their law offices which are still located there today. Height Limit 250 ft. *existing office building use is grandfathered in WALK SCORE BIKE SCORE TRANSIT SCORE 97 99 94 SW MAIN ST SW 13TH AVE SW 12TH AVE SW 11TH AVE a SW Ankeny St SW Ash St Small, “human scale” blocks make walking the ideal SWmode Pine of St travel SW Washington St around the SWneighborhood Oak St SW Alder St SW Stark St SW Morrison St 1200 PORTLAND STREETCAR SW Yamhill St SW MAIN ARKP SW Taylor St Morrison Bridge MAX LIGHT RAIL SW Salmon St SW Naito Pkwy 405 THE WEST END SW Main St SW Madison St SW Jefferson St Robust public transportation SW Columbia St Hawthorne Bridge system including bus, light rail, and streetcar lines SW Clay St SW Montgomery St SW Market St WILLAMETTE RIVER SW 10th Ave SW Harrison St INVESTMENT HIGHLIGHTS Owner-User and/or Multifamily Development Opportunity Development Development potential with 12,632 square feet of paved Value-add office opportunity with development potential surface parking, zoned for high-density residential. in a burgeoning submarket of Portland’s CBD. Negotiable Proximity to Mass Transit and Amenities leaseback provides short-term income stability. Close to the MAX Light Rail, Portland Streetcar, the Located in the Booming West End Pearl District and multiple food cart pods, Portland Art Ideally situated between Portland’s CBD and the growing Museum, Multnomah Athletic Club, Providence Park, and Goose Hollow neighborhood, with easy access to I-405 the famous Portland Farmer’s Market. and Hwy 26. Rare Boutique Office Building Creative Office Redevelopment Potential – Offering modern accents juxtaposed with historical grit, Below Replacement Cost and surface parking in an excellent location, 1200 Main is Attractive stabilized cost basis for an office opportunity in an ideal asset for tenants seeking a CBD location. an exceptional location. SITE DEVELOPMENT POTENTIAL Zoning RX - Central Residential The 12,632 square foot parking lot adjacent to Site Size 12,632 s.f. the office building poses a unique opportunity for investors to capitalize on Portland’s current Height 250 ft. population boom. The parcel’s Central Residential FAR 8:1 with potential of bonus for affordable multi-family zoning represents the highest density multifamily zoning designation in the city, and its flat, corner The potential to develop a multifamily building and take advantage of transferable FAR from the office building location makes it an ideal site for ground floor Development* to construct an approximate 150,000 square foot retail with housing above. building *to be verified by interested parties 1200 SW MAIN SW 13TH AVE EXAMPLE Potential Parking Lot Development SW 12TH AVE SW MAIN ST EXISTING BUILDING FLOOR PLANS N FIRST FLOOR SECOND FLOOR THIRD FLOOR LOCATION HIGHLIGHTS THE WEST END – PORTLAND’S CULTURE AND ENTERTAINMENT HUB THE WEST END 1.3 MSF 712 222 of existing office existing units in the residential units pipeline JUST BLEND OF PORTLAND’S HISTORICAL PAST Jake’s Famous Crawfish, 72 PAST Crystal Ballroom, SQUARE BLOCKS Mark Spencer Hotel PRESENT a true micromarket, stretching the retail core AND IT’S CUTTING and employment nodes from EDGE PRESENT downtown to the Pearl Ace Hotel, Living Room Theaters, Union Way AREA AMENITIES 1200 SW Main Retail Dining Lodging 1 Danner - Union Way 42 Bluemercury 1 Little Bird Bistro 42 Ploy Thai 83 Rialto Poolroom 1 Hotel deLuxe 2 Nordstrom’s 43 North of West 2 Santeria 43 Coco Donuts 84 Karam Lebanese Cuisine 2 The Paramount Hotel 3 Storables 44 Steven Alan 3 Teardrop Lounge 44 Sushi Ichiban 85 Lardo 3 Embassy Suites by Hilton 4 Sephora 45 Filson 4 World Cup Coe 45 El Gaucho 86 Cheryl’s On 12th 4 Portland Hilton Hotel 5 Nike Town 46 Peterson's 5 Henry’s Tavern 46 Imperial 87 Clyde Common 5 The Nines Hotel 6 Apple Store 47 Chown Hardware 6 Fifth Avenue Lounge 47 Coeehouse Northwest 88 Kenny & Zuke’s Delicatessen 6 The Westin Portland 7 Mud Bay 48 Pearl ACE Hardware 7 Zaatar 48 Low Brow Lounge 89 Sake Sushi & Thai 7 Sentinel Hotel 8 Guess 49 Blick Art Materials 8 Garden Bar 49 Bistro Agnes 90 Public Domain 8 Hotel Monaco 9 Coach 50 Portland Gear 9 Fish Sauce 50 Nong's Khao Man Gai 91 Koji Osakaya 9 NW Portland Guesthouse 10 Saks Fifth Avenue 51 Restore Oregon 10 Boise Fry Company 51 Silver Dollar II 92 Saint Cupcake 10 The Mark Spencer Hotel 11 Icebreaker 52 Watchworks 11 Pho Van Fresh 52 Tandoor 93 Mucca Osteria 11 Ace Hotel 12 Whole Foods 53 Boys Fort 12 Cae Allora 53 TILT 94 Habibi 12 Hotel Lucia 13 West Elm 54 Abercrombie & Fitch 13 World Foods Cafe & Bar 54 Hush Hush Café 95 Wilfs Restaurant & Bar 13 Hotel Vintage 14 Anthropologie 55 Montbell 14 Buttery Belly Asian Cuisine 55 Bowery Bagels 96 Thai Peacock 14 The Benson 15 North Face 56 Patagonia 15 Vault 56 Little Red's Bakeshop & Café 97 Pastini Pastaria 15 Courtyard Hotel 16 Sur La Table 57 Button Emporium & Ribbonry 16 Oven and Shaker 57 Yur’s Bar & Grill 98 Flying Elephants at Fox Tower 16 Embassy Suites 17 Dr Martens 58 Benessere 17 Bluehour 58 John's Café 99 RingSide Fish House 17 Pearl Hampton Inn & Suites 18 Bedmart 59 Mountain Hardwear Store 18 Pearl Tavern 59 World Cup Coee & Tea 100 Southpark Seafood 18 Grove Hotel 19 Free People 60 John Helmer Haberdasher 19 Park Kitchen 60 Shift Drinks 101 Cafe Voila 19 Canopy by Hilton 20 Ross Dress For Less 61 Bike Gallery Downtown 20 Andina 61 Tasty n Alder 102 Jake's Famous Crawsh 20 The Society Hotel 21 H&M 62 Fred Meyer 21 Whole Bowl 62 Theo's 103 Sizzle Pie West Portland 22 Nordstrom Rack 63 Tiany & Co. 22 Oba 63 Ground Kontrol 104 Shigezo 23 US Outdoor Store 64 Macy’s 23 Hawaiian Time 64 Marinepolis Sushi Land 105 Stag PDX Entertainment 24 Louis Vuitton 65 Victoria’s Secret 24 Brix Tavern 65 Little Big Burger 106 Deschutes Brewery Public House 1 Providence Park 25 TJ Maxx 66 Regal Cinemas 25 Irving Street Kitchen 66 Garden Bar 107 Sisters on the Road 2 McMenamins Crystal Ballroom 26 Target 67 Frances May 26 Lizard Lounge 67 Fuller’s Café 108 Elenis Philoxenia 3 McMenamins Mission Theater 27 Brooks Brothers 68 Poler 27 Caè Umbria 68 Pearl Bakery 109 Prasad 4 Artists Repertory Theatre 28 Banana Republic 69 Radish Underground 28 Boxer Ramen 69 The Big Legrowski 110 The Roxy 5 Portland Center Stage 29 lululemon athletica 70 Everyday Music 29 Fat Head's Brewery 70 F&B Café 111 Gilda's Italian Restaurant 6 Roseland Theater 30 American Apparel 71 Keen Garage 30 Tugboat Brewing Co 71 Marathon Taverna 112 19th Hole 7 Star Theater Portland 31 Cal Skate Skateboards 72 Madewell 31 Saucebox 72 Small Pharaoh's 113 The Cheerful Bullpen 8 Living Room Theaters 32 Athleta 73 Powell's City of Books 32 Portland City Grill (30th Fl) 73 Casey's 114 Kinara 9 Regal Cinemas Fox Tower 10 33 Snow Peak Portland 74 Pendleton 33 Lauretta Jean's 74 Multnomah Whiskey Library 115 East Side Delicatessen 10 Northwest Children's Theater 34 Flowers in Flight 75 Short Stop Market 34 McMenamins Zeus Café 75 Grassa 116 Bellagios 11 Prole Theatre 35 TOMS 76 Far Post Soccer Supply 35 Bunk Sandwiches 76 Bamboo Sushi SW 117 Vtopia All Vegan 12 Tiany Center 36 Portland Outdoor Store 77 adidas Timbers 36 Korean Twist 77 Cassidy's 118 Kingston Sports Bar & Grill 13 Lincoln Track & Field 37 CVS Pharmacy 78 FedEx Oce 37 Gracie's Restaurant 78 Heart Coee 119 Papa Murphy's Take 'N' Bake 14 Multnomah Athletic Club 38 Aesop West End 79 Day and Night Grocery 38 La Jarochita 79 Bualo Wild Wings 120 Chipotle Mexican Grill 15 Fanladen Community Center 39 Central Drugs 80 Sammy's Flowers 39 Stumptown Coee Roasters 80 Café Yumm! 121 The Commodore Lounge 16 Rose Haven Day Center 40 Splendid 81 Portland Farmers Market 40 The Original Dinerant 81 Isabel Restaurant 122 McDonald's 17 Fulcrum Fitness 41 MadeHere PDX 82 SCRAP PDX 41 Petunia's Pies & Pastries 82 Petra Cuisine 123 Driftwood Room 18 Metropolitan Center CBD OFFICE MARKET OVERVIEW • CBD Class A vacancy stands at 8.8% and is the 12th lowest in the US • Class A rents are up 9.3% YOY with Class A asking rates up 51.46% since 2011 • Class B rent growth picked up momentum in the third quarter, growing 8.0% YOY • Class B rents have increased faster than Class A rents over the past five years, averaging 9.7% per year • Since 2010, overall Portland rents have increased 51.5%, the fourth highest on the West Coast • The catalyst for the hefty increase in rents has been Portland’s growing workforce.
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