PORTLAND, Ore.--(BUSINESS WIRE)--Prudential Real Estate Investors announced today the acquisition of Block 300, a 361,805 square foot class A office property in Portland, Ore., on behalf of institutional investors. Prudential Real Estate Investors is the real estate investment management and advisory business of Prudential Financial, Inc. (NYSE:PRU), and operates as Pramerica Real Estate Investors in markets outside the Americas, Korea and Japan.
Additional terms of the transaction were not disclosed.
Block 300 is a LEED Gold certified, 10-story office property located in the “technology triangle” of Portland’s central business district. Constructed in 1991, the office underwent significant renovations in 2013 and 2014, including a fully redesigned lobby, an updated on-site fitness center and a new state-of-the-art conference facility.
In addition, Block 300’s green design specifications are expected to result in savings in water, electricity, and gas, which will decrease expenses for tenants.
“The recently renovated Block 300 is a best-in-class office asset that will continue to benefit from increased demand from technology companies seeking Class A office space with modern amenities, efficient floor plates and easy access to mass transit,” said Kevin R. Smith, head of Americas at PREI. “Our purchase is a continuation of our strategy to pursue urban office properties below replacement cost to capitalize on the expanding job market and deliver strong and stable cash flows to our investors."
Prudential Real Estate Investors is the global real estate investment business of Prudential Financial, Inc. (NYSE: PRU), and operates as Pramerica Real Estate Investors in markets outside of the Americas, Korea and Japan. Redefining the real estate investing landscape since 1970, PREI has professionals in 19 offices in the Americas, Europe and Asia Pacific with deep local knowledge and expertise, and gross assets under management of $61.7 billion ($45.6 billion net) as of March 31, 2015. PREI’s tenured team offers to its global client base a broad range of real estate investment vehicles that span the risk-return spectrum across core, core plus, value-add, debt, securities, and specialized investment strategies. For more information, visit www.prei.com.
Prudential Financial, Inc. (NYSE:PRU), a financial services leader with more than $1 trillion of assets under management as of March 31, 2015, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees are committed to helping individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds and investment management. In the U.S., Prudential’s iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit www.news.prudential.com.