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Urban Renaissance buys Five Centerpointe


Predicting a comeback on Kruse Way, the Urban Renaissance Group of Seattle has purchased Five Centerpointe in Lake Oswego.

Agreement on the sale was reached on Dec. 20 with a price of $19.8 million for the six-story office building on Kruse Way. According to public records, this price is $5.5 million less than the undisclosed seller paid for it in 2005. However, Pat Callahan, chief executive officer of Urban Renaissance Group, says now is the “optimal time” to invest in an asset like Five Centerpointe.

“We believe this is a great asset located in the strongest suburban office market in Portland,” Callahan said. “In the last five years, Kruse Way has been disproportionately affected by the decline in the housing industry and the closure of regional corporate headquarters in the Pacific Northwest. As the national economy and housing markets recover, URG believes Kruse Way will re-assert itself as a highly desirable submarket.”by: VERN UYETAKE - A shake-up on Kruse Way has brought the ownership of Five Centerpointe to two Seattle real estate companies.

Currently at 85 percent capacity, Five Centerpointe is expected to attain maximum tenancy within two years.

Callahan said, “Our goal is for full lease-up within 18 to 24 months. We have vacancies between 3,000 and 6,500 square feet. There are many tenants across market sectors in this size range and we think the building’s great location, its updated common areas and excellent walkable retail amenities make the building attractive to these tenants.”

The purchase of Five Centerpointe was made after URG formed a $200 million venture with Joshua Green Corp., also of Seattle. The deal was the partnership’s first acquisition in the Portland area since the merger took place last fall. URG has holdings in Portland, Seattle, Denver and San Francisco.