This 4-star, 30 story, 545,000 SF office tower boasts ground-floor retail space, a 410-stall parking garage, 14 passenger elevators, on-site food service and includes Merrill Lynch, Markowitz Herbold, Williamson & Wyatt, Schwabe, Key Bank of Oregon and Perkins & Company among the tenants.
Pacwest Center in Portland Sells for $170MBy John Walz
December 21, 2016
The Ashforth Company sold the Pacwest Center office building at 1211 SW 5th Ave. in Portland, OR to LPC Realty Advisors I, Ltd., an affiliate of Dallas-based Lincoln Property Company.
The $170 million price tag, valuing the asset at approximately $312 per square foot, represents the largest single-asset office sale this year in the Portland market.
Ashforth acquired the asset from Meiji Yasuda Life Insurance Co. and Mitsubishi Estate New York, Inc. back in 2007 for $161.5 million ($296 pSF) in an auction sale, according to CoStar data.
See CoStar COMPS #1457075.
Built in 1988, the 30-story, 545,000-square-foot, 4-Star office tower sits on nine-tenths of an acre in the city's CBD submarket. It features ground-floor retail space, a 410-stall parking garage, 11-foot slab heights, 14 passenger elevators, on-site food service, building signage, a WalkScore® of 99 and access to public transit. The asset is 76 percent leased to multiple tenants, including Merrill Lynch, Markowitz Herbold, Williamson & Wyatt, Schwabe, Key Bank of Oregon and Perkins & Company.
The new buyer intends to significantly renovate the tower by modernizing the common spaces, the main lobby and shared amenities.
Nick Kucha and Michael Leggett with HFF represented the seller. The buyer handled the sale in-house.