Luxury real estate firm Engel & Vӧlkers opening downtown Portland office

Luxury real estate brokerage Engel & Vo ̈lkers will take a ground-floor retail space inside downtown Portland’s West End.

Engel & Vo ̈lkers signed a 10-year lease for 1,700 square feet inside the 511 Building, property owners Menashe Properties said. The company plans to open the new location in August.

The 511 Building covers about 121,000 square feet at 511 S.W. Tenth Ave., across from the newly opened Block 216 tower with the Ritz-Carlton hotel and residences.

“Securing this prime location with Menashe Properties marks a significant milestone for us both. This venture is particularly special as it represents a return to our roots— bringing our extensive experience from Bend and Palm Springs back to the city we love,” Engel & Vo ̈lkers License Partners Sam Real and Ramiah Thomas said in a joint statement. “Portland has always held a special place in our hearts, and we are excited to contribute to its vibrant community.”

They did not say how many brokers would work from the new location. Engel & Vo ̈lkers has nearly 17,000 brokers worldwide including about 6,000 in the U.S. Its offices are owned and operated independently, with the nearest Portland metro location in Lake Oswego. (The largest residential real estate in the Portland metro is Re/Max Equity Group, with $3.87 billion in sales volume and 708 agents in the region, according to Business Journal research.)

Source: BIZJOURNALS