PORTLAND, Ore.–Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $170 million sale of Pacwest Center, an iconic, 30-story, 545,000-square-foot office tower in Portland, Oregon.
HFF marketed the property on behalf of the seller, The Ashforth Company and an institutional investor, and procured the buyer, LPC Realty Advisors I, LP, on behalf of a pension fund client. The $170 million sale represents the largest commercial office transaction in Portland in 2016.
Pacwest Center is located at 1211 SW 5th Avenue at the epicenter of Portland’s 57-block Transit Mall in the city’s central business district. The immediate area surrounding the property has more than one million square feet of development currently underway, including Broadway Tower and 1320 Broadway. With a Walk Score® of 99, a Transit Score® of 96 and a Bike Score® of 92, the asset is a true transit-oriented property. Pacwest Center features parking for 413 vehicles through valet and self-parking and is an Energy Star-rated building. The new buyer intends to significantly renovate the tower by modernizing the common spaces, the main lobby and shared amenities. PacWest Center is 76 percent leased to tenants, including Merrill Lynch, Markowitz Herbold, Schwabe, Key Bank of Oregon and Perkins & Company.
The HFF investment sales team representing the seller was led by senior managing directors Nick Kucha and Michael Leggett, co-head of HFF’s West Coast team.
About The Ashforth Company
Headquartered in Stamford, Connecticut, The Ashforth Company is a 120-year-old diversified real estate operating company that owns, develops and invests in assets on the East and West Coasts and provides third party services including asset and property management, general contracting and construction management. Directly and through its affiliates, the company owns/manages over 4.5 million square feet of office space nationwide. For more information, visit www.ashforth.com.
About LPC Realty Advisors I, LP
LPC Realty Advisors I, LP (“LPCRA”) is an investment advisory affiliate of Dallas-based Lincoln Property Company. LPCRA has been a registered investment advisor since 1992 and currently has real estate assets valued at approximately $2.0 billion under management.
About Lincoln Property Company
Founded in Dallas, Texas in 1965, Lincoln Property Company is nationally recognized for its full-service, vertically-integrated institutional investment and property management platform. Since 1965, LPC has acquired and developed approximately $40 billion of residential and commercial property. LPC currently manages 144 million square feet of commercial property and 147,000 multifamily residential units for over 100 separate clients worldwide. Lincoln has performed successfully across a wide range of world-class projects including office buildings, corporate campuses, interior build-out, historic renovations, research and development facilities, laboratories and clean room, capital improvements and speculative and build-to-suit office, retail, and industrial projects and developments.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.