One & Two Park Place
PRIME LOCATION | ONLY 10 MINUTES FROM PORTLAND INTERNATIONAL AIRPORT | 8.50% CAP | 151,407 SqFt
Marketing description
One and Two Park Place are two of Vancouver's premier suburban office buildings. The buildings feature a beautiful contemporary brick and glass exterior, lush landscaping, covered parking structure, roof-top satellite feeds, and extra capacity HVAC systems. Additional amenities include locker rooms with showers, high tech conference rooms, covered outdoor patio, and upgraded interior finishes.
Located within the Vancouver Mall office submarket, the site is located adjacent to Heathman Lodge, The Staybridge Hotel, Vancouver Mall, and is only 10 minutes from Portland International Airport. Major retail tenants nearby include Chick-fil-A, AMC Theatre, Hobby Lobby and Target. Within this submarket, rents have increased by 8.8% over the past 3 years (higher than the 5.9% experienced in the broad Portland, OR market). Current vacancy rate within this submarket stands at 11.3%. The Vancouver Mall office submarket consists of 890,000 SF of space. Asking rates for competing office space in this submarket range from a low of $24/SF to $26.50/SF full service.
Investment highlights
- Well maintained and professionally managed office buildings
- Weighted Average Lease Term (WALT) of approximately 3.54 years
- Two story parking garage
- One Park Place Roof replaced in October 2016 and comes with a 20 year warranty.
- Two Park Place is fully leased to Bonneville Power Administration, who recently extended its lease term.
- Two Park Place was originally built as a build-to-suit for Bonneville Power Administration
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