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Acquisitive Harsch Closes on Pacific First Center

PORTLAND, OR-The locally based real estate investment firm pays $39.8 million for the 16-story, 229,000-sf Downtown office building here that is 85% leased. Earlier this month, Harsch acquired Cascade Square, a 91,864-sf suburban office building in Beaverton and two properties in Northern California.

By Brian K. Miller | Updated on October 27, 2005

PORTLAND, OR-Harsch Investment Properties has acquired Pacific First Center in Downtown for $39.8 million. The 16-story, 229,000-sf office building is 85% leased to 18 tenants. The seller was long-time owner Prudential Real Estate Investors.

The building fronts both Broadway and Sixth Avenue between Yamhill and Taylor streets in the heart of the CBD and has 9,000 sf of street-level retail that is fully leased. It is surrounded by the historic Jackson Tower, which overlooks Pioneer Courthouse Square, a Hilton hotel and Fox Tower, Downtown’s newest office high rise. Tenants include Dunn Carney Allen Higgins & Tongue (45,998 sf); WebTrends (29,914 sf); Pacific Northwest Power & Conservation Council (16,811 sf); and Energy Trust of Oregon (14,957 sf).

Designed by Skidmore Owings & Merrill in 1981, the building has a lobby that is open to the sixth floor. Harsch plans to renovate the lobby, upgrade common area corridors and improve the exterior entrances. “We will bring it back to the class A office building that it once was… .,” says Harsch president Jordan Schnitzer.

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