July 12, 2016
Chicago-based JLL Income Property Trust has paid General Growth $122 million at a 5-cap to acquire Portland’s 17-story Pioneer Tower. The 291,000-square-foot office sits atop Pioneer Place, a retail location still owned by General Growth.
Pioneer Tower is at 888 SW Fifth Ave., and was 95% occupied at the time of sale. Allan Swaringen, president and CEO of JLL Income Property Trust, said he liked Pioneer Tower’s opportunities. “Portland is currently exhibiting a low direct vacancy rate of 6.7%, has maintained a lower than 10% vacancy rate for the past 10 years and is one of LaSalle’s target office markets,” he said.