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Urban Renaissance Group partners with KKR Real Estate Finance Trust Inc. to lead revitalization of Portland property
PORTLAND, Ore.--(BUSINESS WIRE)--
Urban Renaissance Group (“URG”), a full-service real estate company with offices in Portland, Seattle and Denver, announced today that it has partnered with KKR Real Estate Finance Trust Inc. (“KREF”) (NYSE: KREF) to lead the revitalization of Lloyd Center in Portland.
Founded in 2006, URG specializes in reimagining, developing and managing commercial real estate, including the development of the 140,000 square-foot Canvas office building next to Providence Park and a $28 million renovation the former Oregonian newspaper headquarters at 1320 SW Broadway. Other notable URG projects in Portland include renovation of the Yeon Building at SW 5th and Alder and the redevelopment of the JK Gill Building (formerly known as the McCoy building) at SW 5th and Harvey Milk Boulevard.
Lloyd Center is home to approximately 100 shops and businesses and remains fully open under its new ownership. Lloyd Center traditions such as holiday shopping, ice skating and visiting Santa, which began in 1960 when the mall first opened, continue today.
URG plans to begin a visioning process for future investment that will recognize the property’s importance to Portland by listening to and engaging with existing tenants, neighbors, the broader community and City officials.
“This is an amazing opportunity to invest in the heart of our city and we believe there is great potential for this uniquely situated property,” said Tom Kilbane, URG’s Portland Managing Director. “We know many Oregonians have fond memories of Lloyd Center and we take seriously our responsibility for making sure it continues to be a community gathering place. As we begin the planning process, our ambition is to embrace and preserve features of the property that make it special, including retail, creative work spaces and ice skating.”
For more information on Lloyd Center, including mall hours and directions, please visit: www.lloydcenter.com.
About Urban Renaissance Group
Urban Renaissance Group LLC is a Seattle-based full-service commercial real estate company, engaged in acquisitions, development, asset management, leasing, property management and ownership in Seattle, Bellevue, Denver and Portland. Founded in 2006, the strategic premise of URG is that the form of the American City will change dramatically during the next 20 years. The company acts as a catalyst that understands and ignites that change, thereby building community, generating appropriate returns for its investors and opportunities for the community, partners and employees. Learn more at www.urbanrengroup.com.
About KREF
KKR Real Estate Finance Trust Inc. is a real estate finance company that focuses primarily on originating and acquiring senior loans secured by commercial real estate properties. KREF is externally managed and advised by an affiliate of KKR & Co. Inc.
kkr real estate finance trust inc., a mortgage real estate investment trust, focuses primarily on originating and acquiring senior loans secured by commercial real estate (cre) assets. the company engages in the origination and purchase of credit investments related to cre, including leveraged and unleveraged commercial mortgage loans, and commercial mortgage-backed securities. it has elected to be taxed as a real estate investment trust and would not be subject to federal corporate income taxes if it distributes at least 90% of its taxable income to its stockholders. the company was founded in 2014 and is headquartered in new york, new york.
