PORTLAND, OR—Representing a JV seller, HFF has closed the $48.5 million sale of One Pacific Square, a 240,338-square-foot, transit-oriented office tower in the Old Town/Chinatown district.

HFF marketed the property on behalf of the seller, a joint venture between GE Asset Management and The Ashforth Company. Menlo Equities was the buyer.

The only office tower in Old Town/Chinatown, One Pacific Square has panoramic views of Mt. Hood, Mt. St. Helens, the Willamette River and downtown Portland. The building is situated on 0.872 acres at 220 Northwest Second Avenue between Northwest Everett and Northwest Davis Streets. The building has a Walk Score of 94 due to the transit-oriented nature of the building's location, with the Old Town/Chinatown MAX Light Rail stop directly outside the property and several TriMet bus routes within walking distance. Additionally, the property's on-site bike storage contributed to the Bike Score of 98. The 13-story tower has below-grade parking with a valet attendant, first floor conference facilities and an on-site gourmet coffee shop and deli. The property is 94.8% leased to a variety of tenants in the natural gas, telecommunications, real estate, accounting and health insurance industries.