PORTLAND, ORE. — LPC Realty Advisors has received a $98.5 million acquisition loan for the 30-story Pacwest Center in Portland. The 525,000-square-foot office tower is located at 1211 SW 5th Ave.
LPC 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 like Merrill Lynch, Markowitz Herbold, Schwabe, Key Bank of Oregon and Perkins & Co.
HFF’s Tom Wilson and Erica Christensen arranged the five-year, fixed-rate acquisition loan. A national insurance company provided the capital.
LPC worked on behalf of a pension fund client. HFF also handled the property’s $170 million sale on behalf of the sellers, Ashforth Co. and an institutional investor.