(Portland, Ore.) ScanlanKemperBard (SKB) has announced a joint venture with ReCap Real Estate Investment on behalf of Reinsurance Group of America (RGA), in which they acquired the Leftbank property, located in the highly desirable Eastside submarket of Portland, Oregon.
The Leftbank property has a total of 60,209 rentable square-feet and consists of a four-story building, adjacent parking lot and vacant developable parcel of land. With its exposed wood ceilings and beams, original masonry walls, and panoramic views of the west side of Portland, the four-story building provides an engaging space that has become ideal and sought after for creative and tech tenants. In addition to its architectural appeal, the property is conveniently located adjacent to a Portland Streetcar stop and a short walk to four MAX light rail lines, and is only two blocks from Portland’s Moda Center, home of the Portland Trail Blazers.
Leftbank was acquired off-market and adds to SKB’s growing creative office portfolio. The property features tenants spanning creative industries such as marketing, advertising, digital media, engineering and architecture.
According to SKB Vice President of Acquisitions, Justin La Tempa, “We are excited to acquire another asset in Portland’s thriving Eastside market. Leftbank’s central proximity and its adjacency to public transportation and Portland’s largest event venues, makes for an advantageous opportunity.”
SKB is an established real estate merchant banking firm based in Portland, Oregon. Since its inception in 1993, SKB has originated total portfolio activity of $4.36 billion, including equity invested of $1.54 billion, comprised of 28.9 million square feet of office, industrial and retail space and 2,154 residential units. With longstanding relationships in each of their markets, SKB has the ability to source, structure and execute value creation across a wide spectrum of real estate opportunities.
About RGA Reinsurance Group
ReCap Real Estate Investment is a wholly-owned subsidiary of RGA Reinsurance Group of America, a leader in the global life reinsurance industry. ReCap’s approach is finding high-quality lending and equity opportunities in both primary and secondary markets where it can extract additional relative value at the same level of risk. Its associates access U.S. and Canadian markets not on the radar of large institutional investors. Since 2008, the RGA real estate platform has grown from a single employee managing third-party asset managers to more than 40 associates managing over $4 billion in debt and equity investments. Visit ReCap online at www.rgare.com/recap to learn more.