January 6, 2021
The Pittock Block, a 302,262-square-foot, mixed-use asset in Portland’s CBD, traded hands for $326 million. The buyer was a JV between Chicago-based Harrison Street and 1547 Critical Systems Realty. The seller was Alco Investment Company. The deal represents the highest priced single-asset sale in Oregon since 2015.
The Pittock Block, named after Portland publishing magnate Henry L. Pittock, had primarily operated as an office building with an electrical and steam generation plant in the three-story sub-basement. Alco Investment Company acquired the distressed asset in 1986 in partnership with Leavitt Shay and redeveloped the property into a carrier hotel data center that’s subsequently emerged as Portland Metro’s primary neutral cross-connection point.
The facility at 921 SW Washington St. provides a combination of data center space, office suites, telecommunication, and retail space. It is one of only two primary internet exchanges for the entire Pacific Northwest, hosting elite cloud-based and e-commerce companies, and one of only 10 such exchanges nationally.
JLL’s Buzz Ellis, Conan Lee, and Adam Taylor represented the seller and procured the buyer.
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