{"id":1004163771,"date":"2017-01-11T05:22:19","date_gmt":"2017-01-11T13:22:19","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004163771"},"modified":"2022-12-08T21:21:36","modified_gmt":"2022-12-09T05:21:36","slug":"portlands-congress-center-lands-new-owners","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/portlands-congress-center-lands-new-owners\/","title":{"rendered":"ARA, Unico Snap Up Congress Center"},"content":{"rendered":"

by Veronica Grecu<\/em><\/p>\n

Portland, Ore.<\/strong>\u2014A partnership consisting of American Realty Advisors (ARA) and Unico Properties has taken ownership of Congress Center, a Class A office building located in the heart of Portland\u2019s central business district. Financial terms of the transaction remained undisclosed.<\/p>\n

\"Congress<\/a>

Congress Center, Portland, Ore.<\/p><\/div>\n

HFF\u2019s Nick Kucha and Michael Leggett negotiated the deal on behalf of the seller, San Francisco-based Shorenstein Properties. ARA and Unico were assisted by Tom Wilson and Erica Christensen at HFF in securing the acquisition loan through RBC Capital Markets.<\/p>\n

\u201cDowntown Portland offers the urban lifestyle that today\u2019s office workers are seeking.\u00a0 This location boasts a walkability score of 99, a transit score of 96, and a bike score of 94,\u201d said Drew Hess, Senior Director, Investment Group, at American Realty Advisors. \u201cOverall, this is a functional office tower situated in a coveted business district within an economically diverse market that is positioned for long-term growth. These are precisely the fundamentals we look for in assets that we acquire.\u201d<\/p>\n

Built in 1980 under plans designed by Skidmore, Owings & Merrill, Congress Center was originally known as the Orbanco Building for its anchor tenant at the time. In January 2002 the building was renamed into Congress Center after the former Congress Hotel which was located on the site from 1912 until 1977.<\/p>\n

The property, which encompasses 384,951 rentable square feet, is located at 1001 SW 5th Avenue, just two blocks from Pioneer Square, Portland\u2019s main retail district. According to a statement from the press, the new owners plan to reposition the building in order to attract office tenants. The office building will have an upgraded lobby, fitness center, and bike parking, as well as a list of new amenities aiming to encourage creativity and collaboration among tenants.<\/p>\n

Image via Wikimedia Commons<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The 23-story structure designed by Skidmore, Owings & Merrill stands as the ninth-tallest building in Portland.<\/p>\n","protected":false},"author":258,"featured_media":1004163787,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21742,21747,28440,15],"tags":[33222,32792,33415],"class_list":["post-1004163771","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-latest","category-office","category-portland","category-west","tag-american-realty-advisors","tag-hff","tag-unico-properties"],"acf":[],"yoast_head":"\nARA, Unico Snap Up Congress Center - 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\/portlands-congress-center-lands-new-owners\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ARA, Unico Snap Up Congress Center\" \/>\n<meta property=\"og:description\" content=\"The 23-story structure designed by Skidmore, Owings & Merrill stands as the ninth-tallest building in Portland.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/portlands-congress-center-lands-new-owners\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2017-01-11T13:22:19+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T05:21:36+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/01\/Congress-Center-Portland-Ore..jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Veronica Grecu\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@VeraGrecu\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/portlands-congress-center-lands-new-owners\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/portlands-congress-center-lands-new-owners\/\",\"name\":\"ARA, Unico Snap Up Congress Center - 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