By Alexandra Pacurar
Portland, Ore.—HFF brokered a $98.5 million financing deal for Pacwest Center, a 30-story office building in Portland’s central business district. HFF represented the borrower, LPC Realty Advisors I LP, on behalf of a pension fund client, to secure the five-year, fixed-rate acquisition loan through a national insurance company. Senior Managing Director Tom Wilson and Associate Director Erica Christensen led the debt placement team.
The 550,000-square-foot property is located at 1211 SW 5th Ave., in the heart of Portland’s 57-block Transit Mall. The Energy Star-rated office tower features 413 parking spaces through valet and self-parking. The office building is 76 percent leased and counts Merrill Lynch, Markowitz Herbold, Schwabe, Key Bank of Oregon and Perkins & Company among its tenants.
HFF also arranged the sale of the property–the largest commercial office transaction in Portland last year–on behalf of the seller, The Ashforth Co. and an institutional investor, for $170 million. LPC Realty Advisors I LP plans to renovate the tower and modernize the common spaces, the main lobby and shared amenities.
Pacwest Center is surrounded by more than one million square feet of development currently underway, including Broadway Tower and 1320 Broadway.
Image courtesy of Yardi Matrix