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.
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.
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.