Radiator Building acquired for $8 million
One of the first modern timber-framed office buildings to be completed in Portland was just acquired by a Charlottesville, Virginia-based company, for $8 million.
At the end of January, HFF announced the financing for the Radiator Building, a 34,327 square-foot office building in North Portland.
The HFF team worked on behalf of the borrower, Manchester Capital Management, to secure the 11-year, fixed-rate acquisition loan through a life company, and HFF will also service the loan.
The HFF debt placement team representing the borrower included senior director Jordan Angel and associate Zachary Kersten.
"As the first all-timber building to be built in a century, the Radiator Building is on the cutting edge of design and is the first new office building in the dynamic North Williams Corridor of Portland," said Kersten.
Built in 2014, the five-story Radiator Building at 3550 N. Williams Ave. is one of three structures at the One North mixed-use development (the other two are retail and office surrounding a courtyard). It's known for having the ShakeAlarm technology system installed underground, which is an earthquake early warning system.
Originally built by Kaiser Group, Path Architecture and R&H Construction, a main priority of the project was to help revive the state's timber industry. A central courtyard provides an opportunity for the public to learn about timber framing and building with wood, known to reduce the carbon footprint of a building's construction process.
The Radiator has a full PV array covering the entire roof of the building, is using LED lights to minimize energy usage, has a tight envelope to reduce infiltration and heat loss and manages all of its runoff on-site.
The office building is anchored by the eating disorder clinic Kartini Clinic, internationally recognized for its pediatric program.
The new owner Manchester Capital Management is a registered investment advisor with over $3.3 billion in assets under management. Since 2002, the firm has been active in commercial real estate acquisitions, development and asset management services for ultra-high-net-worth client families. Manchester currently oversees an institutional-quality real estate portfolio with a combined market value of more than $600 million in San Francisco, Portland, Seattle, Denver, Boulder, Los Angeles and Washington D.C.
By Jules Rogers
Reporter, The Business Tribune
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