Vacasa to Move Headquarters to New 61,000-Square-Foot Space at The Heartline Located in Portland’s Pearl District
March 13 2018 - 11:30AM
Business Wire
Today, Vacasa, a leading vacation rental management company,
announced it is moving its corporate headquarters to a new
61,000-square-foot space at The Heartline, a new mixed-use
development located in Portland, Oregon’s historic Pearl District.
The company has entered into a lease agreement with Security
Properties, a Seattle-based real estate investor, developer and
operator. Vacasa will retain its existing 36,000-square-foot lease
on the top floor of the RiverTec building also located in the Pearl
District.
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Exterior rendering of The Heartline, home
to Vacasa’s new headquarters located in Portland, Oregon’s historic
Pearl District. (Image by Mir; Design by Mithun)
Founded in 2009, Vacasa is a Portland-headquartered full-service
vacation rental management company with more than 8,000 properties
and 1,800 employees worldwide. Vacasa is one of the fastest-growing
companies in the Pacific Northwest, and has quickly outgrown its
current headquarters in the RiverTec building.
“We’ve come a long way since launching Vacasa nine years ago
around my dining room table,” says Eric Breon, founder and CEO of
Vacasa. “In the last year we’ve made tremendous strides as a
company, from exceeding more than 8,000 properties in our portfolio
to securing $103.5 million in Series B funding. Our team is growing
rapidly and we need a new space to support that.”
Vacasa will continue to use the office space in its current
headquarters at the RiverTec building. The Heartline is located
directly next door to RiverTec, and the two buildings together will
create Vacasa’s corporate campus in Portland.
Security Properties purchased the property from the Pacific
Northwest College of the Arts (“PNCA”) in 2013, and worked closely
with the Pearl District community to understand how the space could
be used to best serve the neighborhood. With feedback from locals
and design by Mithun, Security Properties incorporated an office
component to the development where they could target creative young
companies keen on growing and remaining in the heart of Portland in
need of new office spaces that could grow with them.
“We’ve been watching Vacasa’s fast growth over the years and
choosing them as a tenant was natural for us. With a proven
business model and recent vote of confidence from the investment
community, Vacasa is exactly the kind of company we were looking to
partner with,” says Michael Nanney, senior director at Security
Properties.
Vacasa’s new lobby will be located off of NW 13th Street on the
dock-high sidewalk level of the Heartline development. The company
will occupy all of the office space in the building, floors two
through five, and will enjoy exclusive access to the landscaped
rooftop deck. Vacasa is working with local architecture firm GBD
Architects on the interior design of the space. The company plans
to move into its new headquarters this summer.
Eric Turner with JLL represented Vacasa, and Apex Real Estate
Partners presented Security Properties.
About Vacasa
Vacasa LLC is a leading vacation rental management company.
Leveraging industry-leading technology, Vacasa maximizes revenue
for homeowners and provides unforgettable experiences for guests.
Founded in 2009 and based in Portland, Oregon, Vacasa and its
subsidiaries manage a growing portfolio of more than 8,000 vacation
homes in the U.S.; Europe; Central and South America; and South
Africa. In nine years, Vacasa has grown from two to more than 1,800
employees, has been honored as the Oregon Better Business Bureau
Large Business of the Year and was ranked ninth on the Inc. 5000
Fastest-Growing Companies list. For more information, visit
www.vacasa.com.
About Security Properties
Security Properties is a national real estate investment,
development, and operating company headquartered in Seattle,
Washington. For more than 48 years, Security Properties has
provided quality housing to its residents as well as excellent
financial performance for its investors. Since its founding,
Security Properties has acquired or developed over 83,000
residential units at a cost of over $5.7 billion. Security
Properties maintains a focused multi-family strategy supported by
integrated teams of professional acquisition, development,
construction, investment, and property management specialists. For
more information, visit www.securityproperties.com.
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VacasaSarah Tatone, 971-409-2061sarah.tatone@vacasa.com