Newmark Arranges Sale of Montgomery Park Office Campus in Portland, Oregon

August 9, 2024 9:00 AM

Newmark[1] announces it has arranged the sale of Montgomery Park, a multi-tenant office campus located in the Slabtown submarket of Portland, Oregon. The property spans 768,443 square feet and has been a landmark in Portland for over a century.

Newmark Vice Chairman Nick Kucha, Senior Managing Director James Childress, Director Kellen Kollmorgen and Director Jakob Nicholls represented the seller, Montgomery Park Property Owner LLC, an entity indirectly owned by a group of banks which foreclosed on the property in February 2024. The property was acquired for an undisclosed amount.

Located at 2701 NW Vaughn Street, Montgomery Park is prominently positioned, offering tenants a suburban campus-like environment with abundant parking and proximity to urban amenities and transportation, including direct access to Highway 30 and Interstate 405. The property’s stature is further enhanced by its panoramic views of the Portland skyline, West Hills and Willamette River.

“Montgomery Park is a piece of Portland’s history,” said Kucha. “The sale of such an iconic asset underscores the enduring appeal of properties that blend historical significance with modern functionality.”

Montgomery Park’s historical charm is complemented by modern enhancements, such as its Energy Star certification and a solar array installed in 2017. The property is currently anchored by notable tenants, including Daimler Trucks North America and Adidas America Employee Retail Store.

The building, originally constructed in 1921 as the Montgomery Ward & Company warehouse, served as a key distribution center for the renowned retail company. In 1989, it was meticulously renovated, transforming into a modern office complex while preserving its storied past. Montgomery Park stands today as a testament to Portland’s architectural and industrial heritage.

[1] Dba Newmark Real Estate of Oregon

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Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the year ended December 31, 2023, Newmark generated revenues of approximately $2.5 billion. As of June 30, 2024, Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with 7,800 professionals around the world. To learn more, visit nmrk.com or follow @newmark.

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