PORTLAND, ORE. — The Ashforth Co. and an unnamed institutional investor partner have sold Pacwest Center, a 30-story, 545,000-square-foot office tower in Portland’s central business district. The $170 million sale of Pacwest Center is Portland’s largest office transaction in 2016, according to HFF, which represented the seller in the transaction.
HFF also procured the buyer, LPC Realty Advisors I LP, on behalf of a pension fund client. LPC Realty Advisors is an investment advisory affiliate of Dallas-based Lincoln Property Co.
Completed in 1984, Pacwest Center is located at 1211 S.W. 5th Ave. within the 57-block Transit Mall, which has more than 1 million square feet of development currently underway. The office tower features parking for 413 vehicles through valet and self-parking and is an Energy Star-rated building.
The new ownership plans to renovate PacWest Center by modernizing the common spaces, main lobby and shared amenities. The tower was 76 percent leased at the time of sale to tenants such as Merrill Lynch, Markowitz Herbold, Schwabe, Key Bank of Oregon and Perkins & Co.
Nick Kucha and Michael Leggett led the HFF investment sales team.
Based in Stamford, Conn., The Ashforth Co. owns, develops and invests in assets on the East and West coasts and provides property management, general contracting and construction management services. Directly and through its affiliates, the company owns or manages over 4.5 million square feet of office space nationwide.
Lincoln Property Co. currently manages 144 million square feet of commercial real estate and 147,000 multifamily residential units for over 100 separate clients worldwide. LPC Realty Advisors I’s real estate portfolio currently has $2 billion of assets under management.
— John Nelson