Search
 

Ashforth Jumps River, Buys Downtown Tower for $123M

PORTLAND, OR-The dominant office building owner in the Lloyd District here acquires its first Downtown asset, the 24-story 600,000-sf ODS Tower located just off the west end of the Morrison Bridge.

By Brian K. Miller | Updated on November 15, 2005

PORTLAND, OR-The Ashforth Co. has ventured into this city’s Downtown market for the first time in its long history here as the dominant office building owner in the Lloyd District immediately northeast of Downtown on the east side of the Willamette River. In partnership with a client of GE Asset Management, the Stamford, CT-based company acquired the 24-story, 400,000-sf (net rentable) ODS Tower for $123 million.

Completed in 1999, ODS Tower is 99% leased and has little near-term rollover. The building has about 360,000 sf of office space, 40,000 sf of retail and six levels of above-grade parking. The building sits on a full block at southwest corner of Second Avenue and Alder Street, just off the west end of the Morrison Bridge. The location is one block from the city’s riverfront park and on the light rail line that that connects Downtown to the Lloyd District and the airport, among other places.

The seller is a joint venture of ODS Cos., the majority owner; Wright Runstad & Co., the developer and property manager; and the Goodman family, which owned the dirt and held a 10% in the project. ODS, the building’s anchor tenant with 132,000 sf, is a provider of dental and medical coverage and professional liability insurance. Wright Runstad is a Seattle-based developer; ODS Tower was its only Portland property. The Goodman family owns a portfolio of Downtown parking lots for which it has been actively seeking joint venture development deals.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.