PORTLAND, ORE. — PCCP has acquired Park Square, a two-building office asset on the south end of the Portland’s central business district, for $96.5 million. The name of the seller was not released.
Park Square consists of two buildings connected by a lobby/great room, which includes multiple seating areas, a fireplace/lounge area and a high-end soup and salad bar. The asset was substantially repositioned in 2016, including the renovation of its 8,000-square-foot lobby.
The first building is the single-tenant, six-story, 181,049-square-foot Woolworth Building, located at 1621 SW First Ave. The building was originally a build-to-suit for the tenant, which has occupied the space since the building was constructed in 1984.
The second building, located at 100 SW Market St., was built in 1964. The seven-story asset totals 113,719 square feet and is leased to three investment-grade credit tenants.
At the time of sale, the property was nearly fully-leased.