{"id":1004197589,"date":"2017-11-16T04:35:09","date_gmt":"2017-11-16T12:35:09","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004197589"},"modified":"2022-12-08T12:46:03","modified_gmt":"2022-12-08T20:46:03","slug":"portlands-tallest-office-tower-changes-hands","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/portlands-tallest-office-tower-changes-hands\/","title":{"rendered":"Portland\u2019s Tallest Office Tower Changes Hands"},"content":{"rendered":"

By Keith Loria<\/em><\/p>\n

\"Wells<\/a>

Wells Fargo Center<\/p><\/div>\n

Starwood Capital Group has acquired Wells Fargo Center, a 40-story skyline office tower and an adjacent five-story former data processing building in downtown\u00a0Portland, Ore., from Wells Fargo. Together, the deal amounts to a little more than 725,000 square feet of Class A and creative office space.<\/p>\n

Trevor Kafoury\u00a0and\u00a0Michelle Franceschi\u00a0of CBRE will lease the tower, and\u00a0Josh Schweitz,\u00a0Brandon O’Leary\u00a0and\u00a0Travis Parrott\u00a0of\u00a0Kidder Mathews\u00a0will lease the five-story adaptive reuse structure.\u00a0\u201cAs one of the largest owners of office properties in the metro area, we are deeply committed to\u00a0Portland\u00a0and believe this property is an excellent addition to our portfolio,\u201d\u00a0<\/em>Sam Caven, Starwood Capital Group\u2019s vice president, said in a prepared release.\u00a0<\/em><\/p>\n

Originally constructed in 1973, the Wells Fargo Center is Portland\u2019s tallest skyscraper at 546 feet, which is 10 feet taller than the U.S. Bancorp Tower. It boasts unrivaled panoramic views of the surrounding region including\u00a0Mt. Hood, the Willamette River, Mt.\u00a0St Helens, downtown\u00a0Portland\u00a0and the West Hills.\u00a0<\/p>\n

This summer, Wells Fargo announced it would sell the buildings and planned to relocate some of the 900 employees working there to other local offices. d<\/p>\n

Renovations Planned<\/strong><\/h2>\n

Starwood is planning to invest substantial capital to reposition the property into a premier Class A asset, including remodeling the lobbies and entries and adding new tenant amenities, such as conference facilities, a tenant lounge, reimagined retail areas, a fitness center, and bike hub.<\/p>\n

\u201cWe are thrilled to offer both existing and prospective tenants exceptional office space in a wide variety of size options ranging from smaller suites to some of the largest contiguous blocks of space in\u00a0Portland\u00a0in excess of 100,000 square feet,\u201d <\/em>Andrew Wong, Starwood Capital Group\u2019s vice president, said. \u201cWe are confident that our ambitious renovation plans will restore this building to its former status as one of the most iconic Class A office towers not just in\u00a0Portland\u00a0but also in the dynamic West Coast office markets.\u201d<\/em><\/p>\n

Lincoln Property Company will serve as the property management firm and oversee all capital improvement related activities.<\/p>\n

In July, Starwood Capital Group acquired\u00a0The Jeremy West Hollywood Hotel, a newly constructed 286-key\u00a0hotel in West Hollywood<\/a>, Calif., from the CIM Group for a reported $280 million.<\/p>\n","protected":false},"excerpt":{"rendered":"

Starwood Capital Group has extensive renovation plans for Wells Fargo Center to bring it back to its former status as one of the most iconic Class A office towers in Portland. CBRE and Kidder Mathews will lease the tower.<\/p>\n","protected":false},"author":451,"featured_media":1004197590,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21783,21742,21747,28440,15],"tags":[32789,33612,34880,33277,38354],"class_list":["post-1004197589","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-investment","category-latest","category-office","category-portland","category-west","tag-cbre","tag-kidder-mathews","tag-starwood-capital-group","tag-wells-fargo","tag-wells-fargo-center"],"acf":[],"yoast_head":"\nPortland\u2019s Tallest Office Tower Changes Hands - 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-tallest-office-tower-changes-hands\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Portland\u2019s Tallest Office Tower Changes Hands\" \/>\n<meta property=\"og:description\" content=\"Starwood Capital Group has extensive renovation plans for Wells Fargo Center to bring it back to its former status as one of the most iconic Class A office towers in Portland. 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