Descrição

JLL, as exclusive advisor, is pleased to present the opportunity to acquire 1500 Plaza (the “Property”), a five story, 68,164 square foot boutique office building at 1500 NE Irving Street in Portland’s Lloyd District. Undergoing several renovations since 2019, the Property offers a modernized, amenity rich building with strong in-place income and clear lease-up potential in one of Portland’s most connected and fastest-transforming submarkets. The Property combines the high-end amenities of a major downtown tower with the privacy, efficiency, and convenience of a boutique office environment, making it highly attractive to premium tenant demand in one of Portland’s fastest-transforming submarkets.

The Property underwent a comprehensive renovation in 2019 that fully modernized the entrance lobby, elevators, common areas, and mechanical systems. Extensive subsequent capital work has further insulated future ownership from near-term capital expenditure risks, including a brand-new roof completed in 2026. Additionally, the seller is fully funding and actively executing a final $1,271,200 mechanical upgrade to modernize the building’s chillers and transition away from legacy R-22 refrigerant. This project is scheduled for completion in Q1 2027 and includes an approved energy efficiency rebate of up to $98,150 from the Energy Trust of Oregon that is 100% transferable to the buyer.

A total rehabilitation of the basement level has established a first-class amenity hub that drives leasing velocity and tenant retention. On-site tenant features include a modern fitness center with upgraded locker rooms and showers, secure valet storage for over 200 bikes, and a shared tenant conference facility with an integrated kitchen. Common areas feature premium finishes and upgraded restrooms, while building security is managed via an advanced phone-based keycard system. Exterior site features include professional landscaping and a secure surface parking lot offering 101 spaces, providing a parking ratio of 1.5 spaces per 1,000 square feet.

The Property is currently 83.5% leased with a 4.1 year weighted average lease term (WALT), anchored by credit-worthy tenants such as global logistics giant DSV Air and Sea, which occupies 7,748 square feet, and Mindful Support Services, which occupies 7,679 square feet. Leasing activity in 2026 totaled 22,783 square feet, or 33.4% of the building, driven largely by tenant renewals that reflect strong in-place tenant retention. While the upcoming known vacate of Opinion Dynamics in Suite 370 on May 31, 2027, will temporarily adjust occupancy to 78.6%, this transitions into a highly marketable block of 3,314 square feet. Combined with the building’s current vacancies, a new investor has a direct opportunity to capture recovering market demand by dedicating 100% of capital to leasing rather than base building upgrades.

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