PORTLAND, OR—The $326 million sale of the Pittock Block, a 302,262-square-foot mixed-use asset in Portland's central business district, represents the highest priced single-asset sale in Oregon since 2015. The buyer is a joint venture between Harrison Street and 1547 Critical Systems Realty, and the seller was Alco Investment Company.
The Pittock Block is named after Portland publishing magnate Henry L. Pittock, whose house was located on the property until construction. The building was developed by a subsidiary of the Northwestern Electric Company and several other investors primarily as an office building with an electrical and steam generation plant in the three-story sub-basement.
In 1986, Alco Investment Company purchased the property as a distressed asset with investment advisor Leavitt Shay as the developer. Shortly thereafter, several long-distance companies expressed interest in leasing space at the building due to its proximity to one of the major telecom companies that had a regional switching hub located near the building. This made the Pittock Block the primary neutral cross-connection point in the Portland metro.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
