By IvyLee Rosario
Portland, Ore.—HFF recently closed the $170 million sale of Pacwest Center, a 545,000-square-foot office building in Portland’s central business district.
The company marketed the asset on behalf of the seller, The Ashforth Co. and an institutional investor. HFF also procured the buyer, LPC Realty Advisors I LP, on behalf of a pension fund client. The investment sales team was led my senior managing directors Nick Kucha and Michael Leggett, co-heads of HFF’s West Coast team.
The 30-story office tower is located at 1211 SW 5th Ave., in the epicenter of Portland’s 57-block Transit Mall. Pacwest Center is surrounded by one million square feet of development currently underway, including Broadway Tower and 1320 Broadway. The building features parking for 413 vehicles through valet and self-parking and is Energy Star-rated. The new buyer plans on upgrading the property by modernizing the common spaces, the main lobby and shared amenities. The tower is 76 percent leased to tenants including Merrill Lynch, Schwabe, Perkins & Co., Markowitz Herbold and Key Bank of Oregon.
This transaction represents the largest commercial office transaction in Portland for 2016.
Image courtesy of Yardi Matrix