December 22, 2016
The Ashforth Co. sold Portland, OR’s Pacwest Center to LPC Realty Advisors I LP, an affiliate of Lincoln Property Co. The sales price of $170 million was the highest paid for a Portland office building so far, this year. Nick Kucha and Michael Leggett with HFF brokered the transaction.
The 545,000-square-foot asset at 1211 S.W. 5th Ave. is 76% leased to tenants including Merrill Lynch, Markowitz Herbold, Schwabe, Key Bank of Oregon and Perkins & Company. The new buyer plans to upgrade the building , by working on the common areas, main lobby and shared amenities.
According to property records, Pacwest Center last traded hands in 2007 for $161.5 million.
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