Kruse Woods V is a four-story, 191,000 square foot Class A office building situated in the heart of the Kruse Way corridor in Lake Oswego, Oregon — one of the most established and sought-after suburban office submarkets in the greater Portland metro area. The property is the fifth and most recent phase of the Kruse Woods master-planned office campus, which has served as the address of choice for Portland's most prominent professional services, financial, and technology tenants for more than two decades.
The building sits on a well-landscaped campus setting with direct access to Meadows Road and immediate proximity to Interstate 5, placing it within minutes of downtown Portland, the South Waterfront, and Lake Oswego's retail and dining core. This locational profile — suburban convenience with urban accessibility — is a defining characteristic of the Kruse Way submarket and a primary driver of its historically strong tenant retention.
At 90% leased with a weighted average lease term of 7.8 years and 46.5% of rentable square footage occupied by investment-grade tenants, Kruse Woods V represents the type of institutionally maintained, fundamentally sound commercial asset that defines FSCP's acquisition and hold philosophy.
Building Exterior
Kruse Woods V is home to a diverse, creditworthy tenant base anchored by investment-grade financial services, technology, and professional services firms. The building's 7.8-year weighted average lease term reflects the quality of the tenant relationships and the long-term occupier confidence in the asset and the Kruse Way submarket.
| Tenant | Industry | SF Occupied | % of RSF | Lease Expiry | Credit Profile |
|---|---|---|---|---|---|
| PCC Community Markets | Retail / Grocery | 38,200 | 20.0% | 2032 | Investment Grade |
| Umpqua Bank | Financial Services | 28,650 | 15.0% | 2031 | Investment Grade |
| NAVEX Global | Technology / SaaS | 22,180 | 11.6% | 2030 | Creditworthy |
| Delap LLP | Accounting / Advisory | 18,400 | 9.6% | 2033 | Creditworthy |
| Various Professional Services | Multi-Tenant | 64,570 | 33.8% | Various | Creditworthy |
| Vacant | — | 19,000 | 10.0% | — | Available |
Kruse Woods V was acquired by Felton Properties as a high-quality, well-located Class A office asset with a strong existing tenant base and a defined, executable value-add opportunity in the form of available vacancy. The investment thesis is straightforward: maintain the quality of the existing tenant relationships, execute a targeted capital program to refresh the building's common areas and amenity offerings, and lease the available space to creditworthy tenants at market terms.
This thesis is not speculative. It draws directly on Felton Properties' 28-year history of acquiring and operating suburban office assets in the Portland metro — including multiple assets within the Kruse Way submarket itself. The principals know this submarket, these tenants, and this building type as well as any owner in the region.