JUNE 20, 2019

Skanska Leases 21,000 Square Feet in ASB-Specht’s 1010 Flanders Street

Follows $10 Million Industrial Building Redevelopment into Creative Office

PORTLAND, OR — ASB Real Estate Investments (ASB) announced today that Skanska – one of the world’s leading project development and construction groups – has leased 21,078 square feet at 1010 NW Flanders Street, taking the entire fourth and fifth floors, in the heart of the upscale Pearl District of Portland, Oregon. ASB and partner Specht Development Inc. recently undertook an extensive redevelopment, transforming the former industrial property into highly desirable Class A, creative office and retail space.

Ownership was represented in the transaction by Trevor Kafoury, Al Kennedy, and Carlo Castoro of CBRE.  Skanska was represented in the transaction by Brad Christiansen and Mike Holzgang of Colliers International.

Built in 1922 and listed on the U.S. National Register of Historic Places, the property features a distinctive brick façade with timber and concrete construction; flexible 10,000-square-foot floorplates, 11-to-14-foot high ceilings; hardwood floors; industrial-sized, operable windows for ample natural light; and exposed duct work. The $10 million refurbishment of the building by ASB and Specht also included a new 2,500-square-foot rooftop deck with panoramic views and features ample bike storage with shower and locker facilities.

Aaron Duncan, Senior Vice President and Head of Western Investments at ASB Real Estate Investments, said, “Skanska’s long-term commitment to 1010 NW Flanders shows the significant interest from best-in-class companies in the loft style space we have created to meet growing tenant demand in the Pearl District.”

In addition to its location in one of Portland’s most vibrant neighborhoods, 1010 NW Flanders offers commuters immediate access to Interstate 405, public bus lines, and the Portland Streetcar line which runs by the property connecting South Waterfront, the Portland State University, the Central Business District and the Northwest Portland District.  The property has achieved a Walk Score of 100, transit score of 95 and bike score of 97.

ASB’s investment is on behalf of its Allegiance Fund, a $7.5 billion core investment vehicle. Last month ASB acquired the Leland James Building, a 117,591-square-foot creative office building located at 2175 NW Raleigh Street in Portland’s dynamic Slabtown neighborhood for $67.5 million.

About ASB Real Estate Investments
ASB Real Estate Investments (ASB), a division of ASB Capital Management, LLC, is a leading U.S. real estate investment management firm with $8.0 billion* in gross assets under management for over 340 institutional clients. Headquartered in Washington DC, ASB invests in major urban markets across the country, concentrating in office, multifamily, retail and industrial properties. ASB manages the ASB Allegiance Real Estate Fund, its sole vehicle for core investing and the ASB Meridian Real Estate Funds, a series of low-leverage value creation vehicles; and a development separate account.

About Specht Development, Inc.
Specht Development, Inc. and Specht Properties, Inc. have been a premier developer and property manager of commercial real estate in Oregon and SW Washington for over several decades. Specht and its affiliated entities have developed or managed the development of 11 million square feet of commercial space with a cost basis of over $1 billion, building value for clients and shareholders at every step in the process.

About Skanska USA Building, Inc.
Skanska USA’s local operations comprise the Oregon and Southwest Washington regions, and in 2018 had gross revenues of $843.7 million. The 2018 combined Oregon and Washington gross revenues totaled $1.5 billion.

Skanska is one of the leading development and construction companies in USA, specialized in building construction, civil infrastructure and developing commercial properties in select U.S. markets. Skanska also offers services in public-private partnerships. Skanska USA had sales of $7.19 billion USD in 2018 and had about 13,392 employees in its operations.

*as of March 31, 2019
The information provided in the release does not constitute an offer to sell or buy securities or the solicitation of an offer to sell or buy securities.

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