PORTLAND—Hillstone Capital, led by founder Blake Robbins, welcomed regional manager Cliff Sullivan to its Portland territory team. Sullivan joins the Hillstone family with extensive experience in the financial service industry. He began his career in 1999 as an Investment Advisor for Edward Jones, and since that time has managed over 500 client accounts for investment and financial planning. Sullivan has a passion for, and a focus on, providing clients with above average returns while reducing overall portfolio risk. He brings top-rated sales performance and expertise in account management, foreign currency hedge fund trading, and project management to the Hillstone Capital team.

SAN FRANCISCO—CBRE Group Inc. has hired five new professionals and two support team members to its expanding Bay Area Retail Services Group. The team instantly provides CBRE a leading position in the thriving retail industry of this global gateway market. Joining CBRE are Jessica Birmingham, First Vice President; Drew Greenspan, Vice President; Meaghan Haley, Associate Broker; Annie Prupas, First Vice President; and Katie Singer, First Vice President; Gary Palubicki, Senior GIS Specialist; and Andrea Chavez, Client Services Coordinator.

SAN FRANCISCO, CA—Pike & Company has hired Eric Podolsky as Account Executive. In this role, he will leverage his extensive experience as a marketing and communications professional to help Pike & Company provide the highest level of service for its clients.

DEAL TRACKER

PORTLAND—Holliday Fenoglio Fowler LP has arranged $98.5 million in financing for Pacwest Center, a 30-story, 525,000-square-foot office tower in Portland. HFF worked on behalf of the borrower, LPC Realty Advisors I LP, on behalf of a pension fund client, to secure the five-year, fixed-rate acquisition loan through a national insurance company. Additionally, HFF handled the $170 million sale of the property on behalf of the seller, the Ashforth Co. and an institutional investor.

PORTLAND—CBRE Portland has completed the brokerage and project management assignment to relocate moovel North American Headquarters from downtown Portland to the Historic Overland Building in Old Town, where moovel signed a new 17,176-square-foot lease. Ajay Malhotra, Vice President and Kristin Hammond, First Vice President at CBRE Portland's Technology & Media Practice represented the tenant, moovel North America in the transaction. The Overland Building, in the heart of the Old Town neighborhood at 213 NW 4^th Avenue was originally built as a warehouse over a century ago in 1889. The current owner, Urban Development Partners, in collaboration with Hacker brought new life to this historic brick building through creative renovations that preserve the building's rich past.

BUILDING BLOCKS

SEATTLE—Marcus & Millichap has sold a two-parcel development site located at the corner of 3rd Avenue and Battery Street in Seattle's Belltown neighborhood. The sales price is $14.3 million. Secreto and Lutu represented the seller, a limited liability company. The all-cash buyer is a foreign investment group based in China. The sites are within close proximity of Seattle's central business district, the waterfront, and the Denny Triangle and South Lake Union neighborhoods. Formerly a bank constructed in 1951, the property was purchased and renovated by SkB Architects in 2012.

This week in the North West region, we learn more about financing for Pacwest Center, a 30-story, 525,000-square-foot office tower in Portland, one of the bigger sales there in the past year. Check out that along with all the news you might have missed below.—Natalie Dolce

BY THE NUMBERS

SEATTLE—There are fewer homeowners underwater on their mortgages, but more than half of those who remain underwater owe at least 20% more than their homes are worth, according to locally based Zillow's 2016 Q4 Negative Equity Report. The depth of negative equity alone will ensure that negative equity will continue to be a drag on the housing market even after home values return to pre-crisis levels. Nationally, the share of homeowners with a mortgage who owe more than the value of their homes fell to 10.5% at the end of 2016. A year before, 13.1% of homeowners were underwater on their mortgages. Home value appreciation has accelerated over the past few months, lifting thousands of underwater homeowners back into positive equity, but millions remain stuck in negative equity, unable to list their homes and re-enter the market. This acts as an anchor for the housing market, further limiting already constrained inventory.

NEWS & NOTABLES

PORTLAND—Hillstone Capital, led by founder Blake Robbins, welcomed regional manager Cliff Sullivan to its Portland territory team. Sullivan joins the Hillstone family with extensive experience in the financial service industry. He began his career in 1999 as an Investment Advisor for Edward Jones, and since that time has managed over 500 client accounts for investment and financial planning. Sullivan has a passion for, and a focus on, providing clients with above average returns while reducing overall portfolio risk. He brings top-rated sales performance and expertise in account management, foreign currency hedge fund trading, and project management to the Hillstone Capital team.

SAN FRANCISCO—CBRE Group Inc. has hired five new professionals and two support team members to its expanding Bay Area Retail Services Group. The team instantly provides CBRE a leading position in the thriving retail industry of this global gateway market. Joining CBRE are Jessica Birmingham, First Vice President; Drew Greenspan, Vice President; Meaghan Haley, Associate Broker; Annie Prupas, First Vice President; and Katie Singer, First Vice President; Gary Palubicki, Senior GIS Specialist; and Andrea Chavez, Client Services Coordinator.

SAN FRANCISCO, CA—Pike & Company has hired Eric Podolsky as Account Executive. In this role, he will leverage his extensive experience as a marketing and communications professional to help Pike & Company provide the highest level of service for its clients.

DEAL TRACKER

PORTLAND—Holliday Fenoglio Fowler LP has arranged $98.5 million in financing for Pacwest Center, a 30-story, 525,000-square-foot office tower in Portland. HFF worked on behalf of the borrower, LPC Realty Advisors I LP, on behalf of a pension fund client, to secure the five-year, fixed-rate acquisition loan through a national insurance company. Additionally, HFF handled the $170 million sale of the property on behalf of the seller, the Ashforth Co. and an institutional investor.

PORTLAND—CBRE Portland has completed the brokerage and project management assignment to relocate moovel North American Headquarters from downtown Portland to the Historic Overland Building in Old Town, where moovel signed a new 17,176-square-foot lease. Ajay Malhotra, Vice President and Kristin Hammond, First Vice President at CBRE Portland's Technology & Media Practice represented the tenant, moovel North America in the transaction. The Overland Building, in the heart of the Old Town neighborhood at 213 NW 4^th Avenue was originally built as a warehouse over a century ago in 1889. The current owner, Urban Development Partners, in collaboration with Hacker brought new life to this historic brick building through creative renovations that preserve the building's rich past.

BUILDING BLOCKS

SEATTLE—Marcus & Millichap has sold a two-parcel development site located at the corner of 3rd Avenue and Battery Street in Seattle's Belltown neighborhood. The sales price is $14.3 million. Secreto and Lutu represented the seller, a limited liability company. The all-cash buyer is a foreign investment group based in China. The sites are within close proximity of Seattle's central business district, the waterfront, and the Denny Triangle and South Lake Union neighborhoods. Formerly a bank constructed in 1951, the property was purchased and renovated by SkB Architects in 2012.