Offshore Owner Has Buyer for ADP Plaza; Deal Estimated at $25 Mil

PORTLAND-The 190,000-sf ADP Plaza office building Downtown here is changing hands, according to local real estate sources. The building’s owner is an offshore family operating under the name Antares ADP Inc. who reportedly paid Pacific Rim Investors $20 million for the property in 1997. The estimated $25-million deal is expected to close within the next 60 days.

Pacific Rim, which consisted of developer Bob Gerding and unnamed partners, acquired the building in 1990 after it had undergone foreclosure for a reported $12.7 million in debt, although Oregon Title Insurance Co. records list the sale price as $9.75 million. The group then invested more money and took out additional loans to renovate the building and add a four-story parking garage across the street. The partners put $2 million of equity into the ADP site.

The property was foreclosed on while in the hands of Beartree Buildings, a joint venture of Marty Treece and John Beardsley that developed the property in 1982 while interest rates were upwards of 20% and office space wasn’t hard to come by. Most of the city’s biggest office high-rise–the US Bancorp Tower, the Orbanco Building and Pacwest Center–opened to tenants between 1979 and 1984.