Langley Investment (“Langley”) and Belay Investment Group (“Belay”) announced that they have executed a lease with Jaguar Land Rover (“JLR”) for full occupancy of Redfox Commons, an innovative adaptive reuse project located in Northwest Portland’s vibrant Slabtown neighborhood. Comprised of 50,000 square feet, the asset will house 80 JLR employees in a new cutting-edge facility dedicated to further enhancing the company’s software development and product engineering innovation.
Langley and Belay closed on the acquisition of Redfox Commons through their programmatic joint venture partnership in May 2017. At the time of acquisition, the property consisted of two 1940s era industrial buildings slated for upzoning. Through their investment in Redfox, Langley and Belay sought to harness the groundswell of Slabtown’s rapid growth and neighborhood revitalization by preserving and repositioning this one-of-a-kind asset, both authentic to, and uniquely interwoven within Portland’s unique cultural fabric.
Recognizing the historic and environmental significance of the old growth wood structure, over the course of two-and-a-half years, Langley and Belay executed an extensive adaptive re-use redevelopment that preserved and restored the original lumber in a new form that kept with the architectural integrity of the transitioning neighborhood. The redevelopment included deconstruction and reuse of the irreplaceable old growth timber, seismic reinforcement and restoration of the bow and scissor trusses, the addition of 80-foot celestial dormers to create a light filled campus setting with private courtyards, and open floor plates featuring 100 foot clear spans. From its initial design and implementation, sustainability lay at the core of the project’s mission statement, enhancing energy efficiency through new building systems. Uniquely clad in a CORTEN façade, the project’s distinguished design features have garnered Top Honors from American Institute of Architects (AIA) as well as the DeMuro Award for Excellence in Preservation, Re-use, and Revitalization, among others.
The onset of the COVID-19 pandemic in early 2020 significantly impacted tenant demand and interest in the Portland office market as companies weighed office re-openings and work-from-home considerations. Despite unanticipated market turbulence, consistent leasing interest persisted at Redfox based on the property’s wide-open interiors and wide range of use potential including office, retail, industrial, and research and development lending to an innate adaptability in the face of shifting tenant needs and evolving appetites.
The landmark 50,000 square foot lease marks the expansion of JLR’s engineering operation in Portland to focus on the global advancement of software development and user experience design – a key element in the delivery of the luxury vehicle manufacturer’s “Reimagine” strategy. This new office represents the luxury car manufacturer’s renewed commitment to Portland where it has operated an office since 2013 as a key component of JLR’s Product Engineering network.
“We are pleased to deliver a long-term, single-tenant credit lease to our investors. The commitment from JLR to Redfox Commons is a major accomplishment for Portland and bodes well for the future” said Anna Langley, Managing Partner at Langley Investment.
“We are thrilled to have secured a long-term lease at Redfox Commons with a quality tenant like JLR. This favorable outcome serves not only as a testament to Langley’s perseverance and unique command of Portland’s market landscape, but as further proof of concept for Belay’s differentiated investment strategy, providing us with ground-level visibility and the ability to navigate even the most challenging market cycles through partnership with embedded sector specialists” said Eliza Bailey, Co-Founder, CEO & CIO at Belay Investment Group.
JLR was represented by Daren Duke of Colliers International and Langley Investment was represented by Tom Usher of Cushman & Wakefield and Alexandra Henderson and Grant Guernsey of Kidder Mathews. The Instant Group will manage JLR’s Redfox Commons facility, while onsite property management is being provided by JLL.
About Langley Investment
Langley Investment is a real estate investment management firm based in Portland, Oregon. Langley Investment seeks to achieve superior risk adjusted returns on behalf of select investment partners and as an owner/operator. Utilizing capital markets expertise and local market knowledge, Langley Investment targets core-plus, value-add, and opportunistic real estate strategies across product type. Langley Investment is a Woman Owned Business with an established market presence evolving over multiple real estate cycles in the Pacific Northwest.
About Belay Investment Group
Belay Investment Group, LLC is an institutional investment management firm that specializes in granular small to middle market real estate opportunities through the establishment of programmatic partnerships with high-caliber local and specialized operating partners. The firm pursues equity and debt opportunities across the risk spectrum, property types, and geographies, offering its clients scalability and customization. Visit www.belayinvestmentgroup.com for more information.