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**Portland’s PacWest Building Sells for $44M**
The PacWest Building, a prominent office tower located at 1211 S.W. Fifth Avenue in downtown Portland, has been sold.
The 30-story, 548,000-square-foot property is the seventh-largest office building in Portland. The listing was managed by real estate services firm Newmark earlier this year.
Originally developed in 1984 by Tokyo-based Mitsubishi Estate Co., the building last changed ownership in 2016 when The Ashforth Co., along with an institutional investor, sold it to LPC Realty Advisors I LP for $170 million. That deal was executed on behalf of a pension fund client.
Current tenants in the PacWest Building include the PNC Live Studio, Merrill Lynch, and Key Bank of Oregon. Law firm Schwabe also recently renewed its lease and is in the process of remodeling its 50,000-square-foot office space.
Since 2017, the property has undergone $44 million in capital improvements, which include upgrades to the lobby, the addition of a bike hub, a modern fitness center, a tenant lounge, conference facilities, and an outdoor terrace space.
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