Green Developers Cash In Big-Time!
Portland, Oregon’s Gerding Edlen Development sold three of their five Brewery Block properties for $292 million, nearly $450 per square foot, a new record for Portland Class A offices. With one LEED Silver and two LEED Gold certifications, this sale shows that green development pays off.
Gerding Edlen sold 350,000 sq.ft. of green office space, 210,000 sq.ft. of apartments (The Louisa, in which I lived during 2005 and part of 2006) and 100,000 sq.ft. of retail space for $292 million, getting the highest prices ever for Portland Class A office space. An early green building pioneer, Gerding Edlen has more than 30 LEED-registered projects and many certified, including the world’s largest LEED Platinum-certified building, also in Portland. By creating a strong mixed-use project in a former industrial district, Gerding Edlen not only built green, but also made a major contribution to the development of Portland’s “Pearl District” neighborhood, one of the country’s outstanding example of urban redevelopment.
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