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September 22, 2021
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Office/Data Center Building in Downtown Portland Offered for Sale


Here’s news of an interesting property located in the West end of Portland’s Central Business District that has just hit the market. The property, Union Bank Tower, is a core, data center reposition of a 178.6k sf office building. The asset is being offered by Melvin Mark Companies and Downtown Development Group.

The 17-story property is 72% leased to 30 office tenants with rare connection capabilities, providing a unique opportunity to create additional data center and telecommunication space. The tower is home to 10 fiber-optic carriers, with a total of 18 existing data center tenants exchanging data in its Meet-Me-Room. Union Bank Tower is the key point of origination and termination of two key long-haul fiber routes, the Joint Trench and FTV Build. There are four major fiber entries in the parking garage of the building, with four major providers owning physical long-haul fiber cable assets that originate in the tower and an additional six carriers with long-haul fiber pairs.

Union Bank Tower is located at 707 SW Washington St, just one block from Portland’s preeminent internet exchange (Pittock Block), which is only one of two primary internet exchanges for the entire Pacific Northwest. Additionally, the property is near the CenturyLink and AT&T buildings, while Hillsboro - one of the fastest-growing data center submarkets in the world - is located just 18 miles west.

Regionally, Portland has become a strategic location for connectivity between San Francisco and Seattle, while, globally, Portland offers low latency to the Midwest, East Coast, Asia Pacific, EMEA and Latin America. The most used and commercialized north/south long-haul fiber routes that connect Portland to Seattle and San Francisco originate at Union Bank Tower.

Buzz Ellis, Conan Lee and Adam Taylor with JLL Capital Markets Investment Sales Advisory team are marketing the property on behalf of ownership. JLL’s Alex Witt and Director Zach Kersten are leading the debt efforts. And asking price was not given out.

“Union Bank lies at a critical network junction that has enormous potential for future growth of new physical network infrastructure as well as IP peering,” said Lee. “With capital allocations targeting alternative assets at all-time highs, now is the perfect time to present this iconic tower to the market.”

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