US property manager ASB Real Estate Investments acquired the Leland James office building in Portland for $67.5m (€60.1m).

The manager’s $7.5bn core investment fund ASB Allegiance Real Estate Fund has bought the 117,591sqft office building at 2175 NW Raleigh St from Cairn Pacific and Capstone along with its institutional investment partner.

Aaron Duncan, ASB senior vice president for the West Coast region, said: “The property is ideally positioned in the heart of one of Portland’s fastest growing, emerging districts at the north end of the 21st and 23rd Avenue retail corridors and within the Conway Blocks master-planned, mixed-use development.

“Low market vacancy and a highly attractive, live-work-play environment should facilitate the remaining lease-up of this best-in-class asset.”