PORTLAND, OR-Jones Lang LaSalle's Capital Markets has completed the sale of the Commonwealth Building, a 219,557-square-foot, creative class office building in downtown Portland. An investment fund sponsored by Unico Properties LLC purchased the 14-story building, which was designed by world-renowned architect Pietro Belluschi, from Commonwealth Acquisition LLC for $41 million. Unico will remain as the property manager of the building.
Managing directors Buzz Ellis and Michel Seifer and VP Paige Morgan led the Jones Lang LaSalle team on this transaction. JLL will continue to lease the building, and SVP Joe Vaughan and VP Kristin Hammond will oversee those efforts.
“Investor interest in the Commonwealth Building was extremely strong, and it's perfectly clear why,” Ellis said. “This asset boasts outstanding operating fundamentals, and it has experienced the strongest absorption of any building in Portland's downtown over the past five years.”
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
