Portland’s PacWest Building, located at 1211 S.W. Fifth Avenue, has sold.
The property hit the market earlier this year with Newmark handling the building listing. At 30 stories and 548,000 square feet, it is the seventh-largest office building in Portland, reported the Portland Business Journal.
The PacWest Building was developed in 1984 by Tokyo-based Mitsubishi Estate Co. It last changed hands in 2016, when The Ashforth Co. and an institutional investor sold it to LPC Realty Advisors I LP on behalf of a pension fund client for $170 million.
The PNC Live Studio, Merrill Lynch and Key Bank of Oregon are several of the property’s tenants. Schwabe recently renewed its lease at the office tower and is currently remodeling its 50,000-square-foot leased office space. The building has undergone $44 million in capital investment since 2017 to add new amenities, including a renovated lobby, bike hub, fitness area, tenant lounge, conference facilities and an outdoor terrace space.
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