Weston Sells Commonwealth Building to Unico

PORTLAND, OR-Two years after luring the historic building’s main tenant to one of its other buildings, Seattle-based Unico Properties has acquired the 219,000-sf Commonwealth Building in Downtown Portland from local investor-developer Joe Weston in an off-market transaction. Unico and partner Cigna Realty Investors paid $27 million for the building, according to local industry sources, and will invest an additional $6 million to substantially renovate the lobbies, replace the HVAC and lighting systems, and improve tenant spaces.

The class B office building at 421 SW 6th Ave. has remained largely vacant (70%) since Multnomah County left in 2005 for Unico’s Lincoln Building. Prior to the sale Weston’s American Property Management has begun a common-area renovation program that Unico will complete. Unico’s local executive Brian Pearce confirmed the renovation budget but declined to confirm the purchase price. Unico’s broker Dave Squire of Grubb & Ellis could not be reached for comment.