REALM JV Buys Portland, Ore., Office Property in Pearl District

Invite-only investment collective REALM, in partnership with California-based real estate investment and management company HP Investors, recently acquired a “jewel-box” office property in Portland, Ore.’s Pearl District.

Located at 1355 NW Everett St., the property known as the 300 Building was originally constructed in the 1940s for industrial use and later converted to office in 2012. It currently incorporates 31,400 square feet of class A Portland office space, in addition to a retail component on the ground floor.

Well-situated in one of Portland’s most established mixed-use urban submarkets, the 300 Building was 100% leased at the time of sale. Tenants include a mix of local coworking, media, and restaurant/event businesses.

Once an industrial rail yard, the Pearl District submarket now boasts high-density residential development and strong retail fundamentals near the city’s central business district. Area amenities include excellent walkability; transit connectivity via three streetcar lines; immediate access to Interstate 405; and proximity to Whole Foods, apartments, condos, restaurants, breweries, and neighborhood-serving retail.

“REALM’s latest acquisition of 300 NW 14th Ave. in Portland is the epitome of what we look for in an investment — the ability to purchase a high-quality, well-amenitized building in an excellent location at a compelling basis,” said Travis King, founder and CEO of REALM. “REALM is excited to grow its presence in the Portland market, which offers an attractive quality of life and vibrant culture, which should continue to drive momentum and business expansion going forward.”

Part of REALM’s broader initiative to deploy equity capital into high-conviction, regionally anchored investments that combine steady cash flow with value-add potential, the firm’s plans for 300 Building include restructuring existing agreements, implementing targeted building upgrades, and marking rents to market (where feasible).

In November, Portland was one of the few large office markets in the Western U.S. where office asking rates were below the national average of $32.77 per square foot. Data analyzed for our monthly national office report showed that full-service or “full-service equivalent” rates in Portland averaged a little more than $28 in November after a slight correction of 0.6% from last year.

Meanwhile, office sales closed here since the start of 2025 through November added up to about $263 million. Portland office space changed hands for an average sale price of $92 per square foot — the most affordable among top markets in the Western U.S. region.

Adaptive-reuse office space in Portland’s Pearl District at the 300 Building on NW Everett Street.