Five Oak Building

JLL, as exclusive advisor, is pleased to present the opportunity to acquire the 100% fee simple interest in Five Oak (hereafter, “the Property”), a 279,363* square foot office building situated on a full city block in Portland’s Central Business District (CBD). Currently 61.5% occupied with 4.3 years of remaining WALT, Five Oak offers investors durable in-place income from credit tenants Multnomah County and State of Oregon, while providing new ownership with value-add upside by leasing the remaining vacant space.

Previous ownership has completed extensive renovations including a refreshed lobby, separate tenant entrances, roof replacement, updated suite build-outs, a voluntary seismic upgrade, and an improved interior atrium exclusive for tenant use. These foundational capital enhancements, combined with the ability to acquire the asset at a reset basis, present an excellent entry point into the Portland market with the opportunity to implement transformative amenity enhancements that meet and exceed the new standard of tenant expectations for the workplace. As leasing velocity accelerates in the Portland office market, Five Oak is well-positioned to capture tenants seeking immediately available, highly amenitized space.

Strategically positioned at the nexus of the North CBD and the vibrant Pearl District, the Property is poised to benefit from the ongoing resurgence of Downtown Portland. The city is experiencing a wave of new safety and health initiatives, breathing new life into the Urban Core. As downtown streets continue to experience reinvigorated energy, the Pearl District and West End micro markets have developed a gravitational pull of tenant demand and pedestrian activity. The “Pull of the Pearl” effect, fueled by a thriving amenity set and cultural scene, is steering momentum towards the North CBD, enabling Five Oak to capitalize on the limited remaining inventory in these thriving neighborhoods—ultimately positioning the asset for a core exit.