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| Pacwest Center, 1211 SW 5th Avenue, Portland, OR |
PORTLAND, OR, March 6, 2017 – Holliday Fenoglio Fowler, L.P.
(HFF) announced today that it has arranged $98.5 million in financing for Pacwest Center, an iconic, 30-story,
525,000-square-foot office tower in Portland, Oregon.
HFF worked on behalf of
the borrower, LPC Realty Advisors I, LP, on behalf of a pension fund client, to
secure the five-year, fixed-rate acquisition loan through a national insurance
company.
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| Erica Christensen |
Additionally, HFF handled the $170 million
sale of the property on behalf of the seller, The Ashforth Company and an
institutional investor. This represented
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.
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| Tom Wilson |
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.
HFF’s debt placement team
representing the borrower was led by senior managing director Tom Wilson and associate director Erica Christensen.
For a
complete copy of the company’s news release, please contact:
Kristen M. Murphy
Director, Public Relations
HFF | One Post Office
Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 |
Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com
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