Port commissioners approve HQ deal

Port of Portland commissioners on Wednesday approved the sale and lease back of the organization's headquarters in Old Town.

Seattle-based Washington Real Estate Holdings LLC will purchase the building for $29.2 million.

The building has 104,000 square feet of leasable space. The port purchased it in 2000 for $20 million.

Washington Real Estate Holdings LLC controls commercial real estate worth more than $1.5 billion in several Western states and will purchase the building with funds from Washington's pension system. The firm previously provided financing for The Civic, a condo building near PGE Park.

Port commissioners approved building a new port headquarters and parking garage at Portland International Airport in April. The project will cost $252 million.

The port will lease back its Old Town headquarters building until it moves to the new headquarters in 2010. It will pay roughly $2 million in the first year of the lease and an additional 3 percent each subsequent year.

After the port leaves, the building will become a multi-tenant commercial office building.

David Squire and David Hill at Grubb & Ellis Co. listed the property and brokered the deal, which is expected to close Jan. 8.

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source: bizjournals.com