PORTLAND, Ore.--(BUSINESS WIRE)--Oct 8, 2024--
BH Properties, a vertically integrated, value-add real estate investment company, adds a two-building technology campus in Hillsboro, OR to its growing Pacific Northwest portfolio. Strategically located in Portland’s highly sought after Sunset Corridor submarket, the campus features two mid-rise Class-A office buildings with more than 225,000 square feet of Best-in-Class office space. BH Properties is already in the process of rebranding the office park to better reflect the level of quality and experience tenants will have in the buildings. “ Elevate at Cornelius Pass ” will officially launch in Fall 2024 to begin the reposition of this asset from an owner/user site to a multi-tenant office park. The campus was formerly known as the Synopsys Technology Park. Synopsys signed a lease agreement with BH and its operations at the site are unchanged, with the opportunity to expand as needed.
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Elevate at Cornelius Pass Campus (Photo: Business Wire)
The acquisition follows BH Properties’ 2024 purchases of the Pacific Place shopping center and Olympic Block office building, both in downtown Seattle. Developed in 2002, these office towers are approximately 50% leased to two large, existing tenants. Located in Metro Portland’s ‘Silicon Forest,’ the campus is proximate to a cluster of high profile companies including Intel, Genentech, Kaiser Permanente, nvidia and Laika Studios, as well as near the world headquarters of international brands such as Nike and Columbia Sportswear.
“The opportunity to reposition these iconic buildings for the future growth we expect to see in this submarket was simply too appealing,” said Jim Brooks, president of BH Properties. “The Portland market, and the Sunset Corridor in particular, provide an unmatched combination of skilled labor force, outdoor amenities, and overall quality of life. The purchase of this campus brings our total acquisitions this year to 9 properties and a combined $232 million with an additional pipeline of properties expected to close later this year.”
CBRE’s Brian Beswick, Charles Safley, Graham Taylor, Jeff Hodson, Tom Pehl, Kristin Hammond and Michelle Franceschi represented the seller. BH Properties has retained CBRE for both leasing and property management.
Headquartered in Los Angeles, CA, with six regional offices including in Seattle, BH Properties has been ramping up its PNW presence, including the 2024 acquisitions of the 335,000-square-foot Pacific Place Mall in downtown Seattle, and the iconic 75,000-square-foot Olympic Block mixed-use office building in Seattle’s Pioneer Square district. With this acquisition, the company owns and operates approximately 11 million square feet across 16 states.
About BH Properties
Founded 31 years ago, privately held BH Properties is a vertically integrated real estate investment company focusing on the acquisition and management of a geographically and product diverse portfolio of assets. The Los Angeles-based company, with six regional offices in San Francisco, Phoenix, Dallas, Houston, Seattle and Riverside, CA, continues to focus on value-add transactions, distressed debt, gap financing, and ground leases. For more information, visit https://www.bhproperties.com.
View source version on businesswire.com:https://www.businesswire.com/news/home/20241008557416/en/
CONTACT: John Halloran
Connect Creative
310.569.0830
jhalloran@connectcreative.com
KEYWORD: CALIFORNIA OREGON UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: REIT FINANCE PROFESSIONAL SERVICES COMMERCIAL BUILDING & REAL ESTATE CONSTRUCTION & PROPERTY
SOURCE: BH Properties
PUB: 10/08/2024 03:48 PM/DISC: 10/08/2024 03:47 PM
http://www.businesswire.com/news/home/20241008557416/en
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