{"id":1004087700,"date":"2013-12-02T08:44:53","date_gmt":"2013-12-02T16:44:53","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=221911"},"modified":"2022-03-03T04:23:05","modified_gmt":"2022-03-03T12:23:05","slug":"65-year-old-downtown-portland-office-asset-trades-hands-as-local-vacancies-dwindle","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/65-year-old-downtown-portland-office-asset-trades-hands-as-local-vacancies-dwindle\/","title":{"rendered":"65-Year-Old Downtown Portland Office Asset Trades Hands as Local Vacancies Dwindle"},"content":{"rendered":"

By Alex Girda, Associate Editor<\/em><\/p>\n

One of Portland\u2019s landmark office properties traded hands last week when a Unico Properties L.L.C.-controlled investment fund paid $41 million for the downtown asset. The joint venture between Unico and Cigna Realty Investors purchased the Commonwealth Building from seller Commonwealth Acquisition L.L.C. Unico has been the property\u2019s manager, a position it will maintain after the transaction.<\/p>\n

The Commonwealth Building is located at 421 S.W. Sixth Ave. in Portland\u2019s downtown area, and has been there for the past 65 years. The office asset is one of the area\u2019s landmarks, its value having already gone up when compared to the fee that current seller Commonwealth Acquisition L.L.C. paid for it back in 2007. According to rentv.com<\/em><\/a>, after paying $27 million for the property, the entity invested a further $7 million to bring the 14-story structure up to date and fit it with modern, environmentally friendly features. The building has since received LEED EB Gold certification from the U.S. Green Building Council and an Energy Star designation for operating efficiently.<\/p>\n

The Pietro Belluschi-designed office to\"\"<\/a>wer currently has a vacancy rate of 6.9 percent, well below the city\u2019s average office vacancy values. According to data from Marcus & Millichap Real Estate Investment Services, Portland will end the year with an average vacancy rate of 12.1 percent due to positive absorption and a strong demand for space in the area. That\u2019s well below the national average, which the data provider forecasts will be around 16 percent at the end of the fourth quarter.<\/p>\n

\u00a0Chart courtesy of Marcus & Milichap Real Estate Investment Services.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

One of Portland’s landmark office properties traded hands this week when a Unico Properties LLC-controlled investment fund paid a hefty $41 million for a downtown asset. The joint venture between Unico and Cigna Realty Investors purchased the Commonwealth Building from seller Commonwealth Acquisition LLC. Unico Properties previously acted as the property’s manager, a position that it will maintain after the transaction.<\/p>\n","protected":false},"author":41,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742,1610],"tags":[1815],"class_list":["post-1004087700","post","type-post","status-publish","format-standard","hentry","category-latest","category-seattle","tag-national"],"acf":[],"yoast_head":"\n65-Year-Old Downtown Portland Office Asset Trades Hands as Local Vacancies Dwindle - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/65-year-old-downtown-portland-office-asset-trades-hands-as-local-vacancies-dwindle\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"65-Year-Old Downtown Portland Office Asset Trades Hands as Local Vacancies Dwindle\" \/>\n<meta property=\"og:description\" content=\"One of Portland’s landmark office properties traded hands this week when a Unico Properties LLC-controlled investment fund paid a hefty $41 million for a downtown asset. 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