homeWelcome, sign in or click here to subscribe.login
     


 

 

Real Estate


print  email to a friend  reprints add to mydjc  

March 16, 2018

Security Properties fills office space in Portland's Pearl District complex

By BRIAN MILLER
Journal Staff Reporter

Rendering designed by Mithun, rendering by Mir [enlarge]
Security Properties is developing the full-block, two-building Heartline complex, which is nearing completion.







In Portland's trendy Pearl District, the vacation rental property management company Vacasa announced this week that it will take all 61,000 square feet of the new office space at Heartline.

Security Properties is developing the full-block, two-building Heartline project, which is nearing completion. In 2013, Security Properties paid Pacific Northwest College of Art $11.75 million for the almost one-acre site. Construction began in early 2016 on the mixed-use complex, which then was called Block 136.

The five-story retail and office building on the west side of the block shares a midblock courtyard with the 15-story, 218-unit apartment tower on the east side. For now, both share the address of 1241 N.W. Johnson St., though Vacasa's business entrance will be on Northwest 13th Avenue, a National Historic District.

Mithun designed Heartline, and Andersen Construction is building it. Mithun says the office tower is smaller and brick-clad to emulate the historic district, while the taller glass-and-steel apartment tower relates to the non-historic neighborhood to the north.

Heartline went through five rounds of design review before getting approval in early 2015.

Both buildings are scheduled for completion in the next few months. They share two levels of underground parking with 211 vehicle stalls and 350 bike stalls.

Heartline was designed to meet LEED gold certification. Total project size is about 367,000 square feet.

The west building will include about 10,000 square feet of ground-floor retail and commercial space in five bays facing both 13th and the central courtyard. The outdoor seating will be raised above the sidewalk at loading-dock height, suggesting both the historic district and the Gaslight District in Vancouver, B.C.

Future tenants will include Quickfish Poke Bar and Kure, a juice bar. Urban Works Real Estate is leasing the space, with only two retail bays remaining.

Privately held startup Vacasa has its current headquarters on the next block north of Heartline, in the separately owned RiverTec Building. It will keep the 36,000 square feet it is leasing there. (Unico Properties manages that building.)

GBD Architects of Portland will design the interiors for Vacasa, which expects to move in this August.

The company was founded in 2009, and now has about 1,800 employees worldwide (most of whom manage, maintain and clean rental properties), with about 320 at the Portland headquarters.

Eric Turner of JLL represented Vacasa on the 11-year lease, and Apex Real Estate Partners presented Security Properties.

In a statement, Security Properties' Michael Nanney said, “We've been watching Vacasa's fast growth over the years, and choosing them as a tenant was natural for us.”

Vacasa founder and CEO Eric Breon said, “In the last year we've made tremendous strides as a company, from exceeding more than 8,000 properties in our portfolio to securing $103.5 million in Series B funding. Our team is growing rapidly, and we need a new space to support that.”

In addition to occupying the top four floors of the west building, Vacasa will have exclusive use of the landscaped roof deck.

Also in Portland, Security Properties recently completed the 268-unit Peloton apartments. With partner Urban Renaissance Group, it is planning 340 units and offices on the Press Blocks, formerly the printing plant for The Oregonian, which they purchased last year for $20 million.

And with partner Beijing Jade Investment Group, it announced redevelopment plans last year for the almost five-acre PepsiCo Distribution Center in East Portland. The price and closing date are unknown for that investment.


 


Brian Miller can be reached by email at brian.miller@djc.com or by phone at (206) 219-6517.




Email or user name:
Password:
 
Forgot password? Click here.