 |
| 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 | www.hfflp.com
No comments:
Post a Comment