SKB paid $41 million for the portfolio at the end of 2002 and has been enjoying significant cash flow from the assets, local brokers tell GlobeSt.com. SKB executives declined to comment on the portfolio or the sale. The firm, which invests on behalf of several hundred high-net-worth individuals, families and trusts, and increasingly institutions as well, is reportedly raising equity for a new investment fund.

Commercial Defeasance LLC of Charlotte, NC, said Wednesday that it facilitated a $63-million defeasance of three separate loans for SKB that enabled it to sell the portfolio. "It was complicated due to the combined collateral structure and the required rating agency approval," said Commercial Defeasance deal manager Adam Coleman.

The American Bank Building (164,600 sf) and Jackson Tower (51,575 sf), both listed on the National Register of Historic Places, flank the north and south sides of Pioneer Courthouse Square, a bricked full-block public space considered the heart of Downtown Portland. The third stands a few blocks away at SW 3rd Avenue and Morrison Street.