Wednesday, December 21, 2016

HFF closes $170 million sale of Pacwest Center in Portland’s central business district

Pacwest Center, 1211 SW 5th Avenue, Central Business District, Portland, OR

Nick Kucha
PORTLAND, OR – Dec. 21, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $170 million sale of Pacwest Center, an iconic, 30-story, 545,000-square-foot office tower in Portland, Oregon.

HFF marketed the property on behalf of the seller, The Ashforth Company and an institutional investor, and procured the buyer, LPC Realty Advisors I, LP, on behalf of a pension fund client.  The $170 million sale represents the largest commercial office transaction in Portland in 2016. 

Pacwest Center is located at 1211 SW 5th Avenue at the epicenter of Portland’s 57-block Transit Mall in the city’s central business district.  The immediate area surrounding the property has more than one million square feet of development currently underway, including Broadway Tower and 1320 Broadway.

  With a Walk Score® of 99, a Transit Score® of 96 and a Bike Score® of 92, the asset is a true transit-oriented property.  Pacwest Center features parking for 413 vehicles through valet and self-parking and is an Energy Star-rated building. 

The new buyer intends to significantly renovate the tower by modernizing the common spaces, the main lobby and shared amenities.  PacWest Center is 76 percent leased to tenants, including Merrill Lynch, Markowitz Herbold, Schwabe, Key Bank of Oregon and Perkins & Company. 

The HFF investment sales team representing the seller was led by senior managing directors Nick Kucha and Michael Leggett, co-head of HFF’s West Coast team.

For a complete copy of the company’s news release, please contact:
Kristen Murphy
Director, Marketing
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
tel 617.848.1572 | fax 617.338.2150 |

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