Skanska Leases 21,000 Square Feet in the Pearl District
ASB Real Estate Investments (ASB) announced today that Skanska – one of the world’s leading project development and construction groups – has leased 21,078 square feet at 1010 NW Flanders St, taking the entire fourth and fifth floors, in the heart of the upscale Pearl District of Portland, OR. ASB and partner Specht Development Inc. recently undertook an extensive redevelopment, transforming the former industrial property into highly desirable Class A, creative office and retail space.
Ownership was represented in the transaction by Trevor Kafoury, Al Kennedy, and Carlo Castoro of CBRE. Skanska was represented in the transaction by Brad Christiansen and Mike Holzgang of Colliers International.
Built in 1922 and listed on the U.S. National Register of Historic Places, the property features a distinctive brick façade with timber and concrete construction; flexible 10,000-square-foot floorplates, 11-to-14-foot high ceilings; hardwood floors; industrial-sized, operable windows for ample natural light; and exposed duct work. The $10 million refurbishment of the building by ASB and Specht also included a new 2,500-square-foot rooftop deck with panoramic views and features ample bike storage with shower and locker facilities.
Aaron Duncan, Senior Vice President and Head of Western Investments at ASB Real Estate Investments, said: “Skanska’s long-term commitment to 1010 Flanders shows the significant interest from best-in-class companies in the loft style space we have created to meet growing tenant demand in the Pearl District.”
In addition to its location in one of Portland’s most vibrant neighborhoods, 1010 NW Flanders offers commuters immediate access to Interstate 405, public bus lines, and the Portland Streetcar line which runs by the property connecting South Waterfront, the Portland State University, the Central Business District and the Northwest Portland District. The property has achieved a Walk Score of 100, transit score of 95 and bike score of 97.