{"id":1004776413,"date":"2025-10-31T03:11:36","date_gmt":"2025-10-31T11:11:36","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004776413"},"modified":"2025-11-04T01:42:01","modified_gmt":"2025-11-04T09:42:01","slug":"lincoln-property-sells-downtown-portland-office-tower","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/lincoln-property-sells-downtown-portland-office-tower\/","title":{"rendered":"Lincoln Property Sells Downtown Portland Office Tower"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/10\/Pacwest-in-Portland-Ore.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"1500\" height=\"1125\" data-attachment-id=\"1004776418\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/lincoln-property-sells-downtown-portland-office-tower\/default-102\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/10\/Pacwest-in-Portland-Ore.jpg\" data-orig-size=\"1500,1125\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;1.8&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;FC9113&quot;,&quot;caption&quot;:&quot;default&quot;,&quot;created_timestamp&quot;:&quot;1745612774&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;8.67&quot;,&quot;iso&quot;:&quot;580&quot;,&quot;shutter_speed&quot;:&quot;0.066666666666667&quot;,&quot;title&quot;:&quot;default&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Pacwest in Portland, Ore.\" data-image-description=\"&lt;p&gt;Image courtesy of Newmark, attached to the press release.&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Pacwest is a 30-story office tower in Portland&#8217;s Central Business District.&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/10\/Pacwest-in-Portland-Ore.jpg?w=1024\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/10\/Pacwest-in-Portland-Ore.jpg\" alt=\"Aerial shot of Pacwest, a 548,000-square-foot office tower in Portland, Ore.\" class=\"wp-image-1004776418\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/10\/Pacwest-in-Portland-Ore.jpg 1500w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/10\/Pacwest-in-Portland-Ore.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/10\/Pacwest-in-Portland-Ore.jpg?resize=768,576 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/10\/Pacwest-in-Portland-Ore.jpg?resize=1024,768 1024w\" sizes=\"auto, (max-width: 1500px) 100vw, 1500px\" \/><\/a><figcaption class=\"wp-element-caption\">The 30-story Pacwest is one of the tallest buildings in Portland. <em>Image courtesy of Newmark<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>Lincoln Property Co. has sold Pacwest, a 547,992-square-foot office tower in Portland, Ore., after nine years of owning the asset. Alaska-based real estate firm Fountainhead Development acquired the property for $55.7 million, or $102 per square foot, <a href=\"https:\/\/www.wweek.com\/news\/2025\/10\/29\/pacwest-center-sells-for-557-million-to-out-of-state-buyer\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\"><em>Willamette Week<\/em> reported<\/a>. Newmark brokered the transaction on behalf of the seller.<\/p>\n\n\n\n<p>Pacwest had been under Lincoln\u2019s ownership since the company purchased it from The Ashforth Co. in 2016. The property changed hands for $170 million, or $326 per square foot, Yardi Matrix data shows, marking the largest deal in Portland at that time.<\/p>\n\n\n\n<p>With such a drastic price drop, the current deal positions the property at a 67 percent loss, mirroring ongoing <a href=\"https:\/\/www.commercialsearch.com\/news\/office-industry-trends\/\">office real estate trends<\/a> in both pricing and investor sentiment across the U.S.<\/p>\n\n\n\n<p>In the first three quarters of the year, Portland&#8217;s office market saw $191.6 million in investment sales, with 21 properties changing hands at an average of $92 per square foot, according to Yardi Matrix information. Meanwhile, the first nine months of 2024 registered the same number of office buildings that traded for an average of $71.5 per square foot, amounting to a total of $136.8 million.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-a-leed-silver-certified-high-rise\">A LEED Silver-certified high-rise<\/h2>\n\n\n\n<p>Developed in 1984 by Tokyo-based Mitsubishi Estate Co., Pacwest is a LEED Silver-certified property at 1211 SW Fifth Ave., in Portland\u2019s central business district. The high-rise underwent several cosmetic renovations in the last 25 years, including one which began in 2017 that amounted to $44 million in capital investment and resulted in a fully refurbished lobby with concierge services.<\/p>\n\n\n\n<p>The 30-story office tower is one of the tallest buildings in the city, and features a two-story podium and a rooftop terrace. Amenities include an athletic club, tenant lounge with entertaining areas, an outdoor terrace and subterranean parking with more than 400 spots. <\/p>\n\n\n\n<p>Pacwest\u2019s tenant roster features legal, banking, wealth management and investment management firms, including Schwabe, Williamson &amp; Wyatt, Commerce Bank of Oregon, Becker Capital Management Inc. and Charles Robinowitz Law Offices. The property was 50 percent leased at the time of the sale. <\/p>\n\n\n\n<p>Nationwide, high vacancies in the office sector continue to be a direct consequence of hybrid work, which still prove to be the norm, according to the <a href=\"https:\/\/www.commercialsearch.com\/news\/office-report-remote-work-sustains-high-vacancies-pipeline-frozen\/\">latest Yardi Matrix office report<\/a>. The average occupancy rate set at around 50 percent over the past 12 months, as confirmed by office usage data.<\/p>\n\n\n\n<p>Newmark Vice Chairman Nick Kucha, Senior Managing Director James Childress and Directors Kellen Kollmorgen and Jakob Nicholls arranged the sale of behalf of Lincoln Property Co.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The asset traded at a 67 percent loss.<\/p>\n","protected":false},"author":3619,"featured_media":1004776418,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,21742,21747,28440,15],"tags":[34930,50999],"class_list":["post-1004776413","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-latest","category-office","category-portland","category-west","tag-lincoln-property-co","tag-newmark"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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