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2/13/15
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Palo Alto-based Menlo Equities paid $48.5 mil for One Pacific Square, a 240.3k sf ($202/sf), transit-oriented office tower in the Old Town/Chinatown district in Portland. Situated on 0.87 acres at 220 Northwest Second Ave, between Northwest Everett and Northwest Davis Streets, the property was sold by a joint venture between GE Asset Management and The Ashforth Company.
The only office tower in Old Town/Chinatown, One Pacific Square has panoramic views of Mt. Hood, Mt. St. Helens, the Willamette River and downtown Portland. The building has a Walk Score® of 94 due to its transit-oriented location, with the Old Town/Chinatown MAX Light Rail stop directly outside the property and several TriMet bus routes within walking distance. Additionally, the property’s on-site bike storage contributed to the Bike Score™ of 98.
The 13-story tower has below-grade parking with a valet attendant, first floor conference facilities and an on-site gourmet coffee shop and deli. The property is 94.8 percent leased to a variety of tenants in the natural gas, telecommunications, real estate, accounting and health insurance industries.
HFF’s Nick Kucha, Michael Leggett and James Childress represented the seller in the deal. A wholly-owned subsidiary of GE Company, GE Asset Management Incorporated (GEAM) is a global asset manager with $117 bil in assets under management (as of September 30, 2014). Headquartered in Stamford, Connecticut, The Ashforth Company is a 119-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.
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