By Jon Bell – Staff Reporter, Portland Business Journal
Oct 3, 2018, 5:42am
A global real estate investment manager that’s been busy in Portland in recent years has joined the team bringing a three-building development to the city’s Goose Hollow neighborhood.
Invesco Real Estate, an Atlanta-based firm, will work with Urban Renaissance Group and Security Properties on an eight-story office building in the project known as the Press Blocks. Called Canvas at Press Blocks, the 138,000-square-foot office building will rise from a property at 817 S.W. 17th Ave.
Demolition of an existing building on the site, one that had formerly been home to the Oregonian’s printing facilities — thus the Press Blocks name — should commence this week. Construction of the office building is set to wrap up in spring 2020.
The other buildings in the development will include a 23-story, 341-unit luxury apartment tower and a three-story, 30,000-square-foot office and retail building. A timeline for the other buildings in the development has yet to be released.
URG and Security Properties acquired the one-and-a-half-block site at 817 S.W. 17th Ave. from the Oregonian’s parent company, Advance Publications, for $20 million in 2017.
Invesco has sealed several sizable deals in Portland in recent years, including acquiring The Parker apartments, the LaSalle Apartments in Beaverton in partnership with Holland Partner Group and the nearly 400,000-square-foot Birtcher Center industrial park in Fairview.
