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Ashforth, GE Take Pacwest Center for $161M

PORTLAND, OR-One of the city's nicest modern structures, the 525,000-sf class A office building was developed in the 1980s by the seller, Mitsubishi Estate Co. of Japan.

By Brian K. Miller | Updated on December 21, 2007

PORTLAND, OR-Locally headquartered Ashforth Pacific and GE Asset Management have jointly acquired one of the top class A buildings in Downtown Portland, Pacwest Center, for $161.5 million. Ashforth Pacific president Scott Langley tells GlobeSt.com the sale recorded this morning.

The aluminum-skinned, 525,000-sf structure with underground parking at Sixth Avenue and Jefferson St. was developed in the mid-1980s by the majority owner, Mitsubishi Estate Co. of Japan. The building is 96% leased. The largest tenants are Schwabe, Williamson & Wyatt, Key Bank, Merrill Lynch, Oracle and Aon Corp. The building was designed by Hugh Asher Stubbins of Cambridge, MA, in collaboration with Skidmore, Owings & Merrill Architects LLP of New York.

“In the late 1990s the Wall Street Journal named it the best building in Portland and we think it is still one of the top three buildings in the city given its stature, tenant roster, demand, quality, etc.,” Langley says. “This is a core deal for us, a long-term hold.”

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