The eatery doesn't yet have a name, but it should open late this year with a menu full of prime beef and seafood, a genre in which Pacific Coast is well versed. The company created the Portland Steak & Chophouse, and has proliferated the Stanford's and Newport Bay brands. It plans to spend $3 million renovating the space.

Pacific Coast's lease rate is not being revealed by Unico, and was not otherwise immediately available. Unico acquired he building from U.S. Bancorp last June. The agreement, a 15-year lease with a 20-year extension option, was handled by the tower's general manager Craig Glazier. Colliers International's Mark Fraser, the man responsible for leasing the building's office space, lauds Unico's decision not to convert it to office space and to pick Pacific Coast to improve upon Atwaters, which closed last week after extensive and recurring losses.

"Although the building's tenants will miss Atwaters, the general public didn't eat very often at Atwaters, and because of that they weren't a great tenant for the building," says Fraser. "And although converting it to office space would have garnered a greater rent, not having such a nice amenity for the building was a serious concern, so when they were able to strike a deal with Pacific Coast, from my standpoint they couldn't have come up with a better replacement."