30-34 1ST AVENUE & 115 SW ASH STREET
PORTLAND, OR 97239

Swift acquired the 2-building office portfolio in the Summer of 2015 for $24.65M ($198 psf).  Blagen Block was 100% leased to Airbnb and Dell while New Market Theater was 69% leased to 26 tenants. The portfolio provided stable, in-place income from credit tenants at Blagen Block along with a repositioning opportunity to capture higher rents at NMT.

Swift leased the entire Blagen Block building to Airbnb, following Dell’s lease expiration in April 2016.  Swift invested a significant amount of capital at NMT to upgrade the building systems, improve the building aesthetic, and expose the long hidden historic features.   In the midst of our business plan, Swift received and accepted an offer for its entire Old Town Portfolio and closed on the sale in September 2017 for $32.25M ($259 psf).

Property Specs

  • Property Type
    Office Only
  • Region
    Pacific Northwest
  • Total sq.ft.
    124,378
  • Market
    Portland
  • # of buildings
    2