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3/07/17
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HFF arranged $98.5 mil in acquisition financing for a major Portland office sale from the end of 2016. In that deal, LPC Realty Advisors I LP, acting on behalf of a pension fund client, purchased Pacwest Center, a 30-story, 525k sf office tower in Portland, OR, for $170 mil, as reported on RENTV at the time. Pacwest Center is located at 1211 SW 5th Ave at the epicenter of Portland’s 57-block Transit Mall in the city’s central business district.
The buyer intends to significantly renovate the tower by modernizing the common spaces, the main lobby and shared amenities. PacWest Center is 76% leased to tenants, including Merrill Lynch, Markowitz Herbold, Schwabe, Key Bank of Oregon and Perkins & Company.
The immediate area surrounding the property has more than 1 msf 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 financing was arranged by HFF’s Tom Wilson and Erica Christensen. The five-year, fixed-rate acquisition loan was funded through a national insurance company. Additionally, HFF represented the sellers, The Ashforth Company and an institutional investor, in the disposition, reported to be the largest office sale in Portland for 2016.
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