The PacWest skyscraper in downtown Portland has hit the market for the first time in nearly a decade.
PacWest, one of Portland’s largest office buildings, joins a march of high-profile office properties that have or are expected to trade hands.
Northwest Portland’s Montgomery Park office complex sold for $33 million last year, a fraction of its 2019 sales price. Under intense financial strain, the downtown Block 216 tower that holds the Pacific Northwest’s only Ritz-Carlton hotel is poised to transfer to its lender.
PacWest last sold to a division of Lincoln Property Co. in 2016 for $170 million.
An online advertisement, first reported by the Portland Business Journal, did not list a price.
Developed in 1984 by Tokyo-based Mitsubishi Estate Co., the building stands 418 feet tall. The Lincoln division, LPC Realty Advisors, invested more than $44 million to renovate the office building, including a lobby renovation, outdoor terrace, gym and bike hub.
Representatives from Lincoln and Newmark, the brokerage listing the property, did not respond to requests for comment.
As in many cities, the downtown Portland office market continues to slog along in the new era of hybrid and remote work.
But as in Portland’s stagnant job growth and meager population numbers in the wake of COVID-19, the local commercial office market has shown a particular inability to bounce back.
Brokerage JLL recently reported downtown Portland had one of the highest vacancy rates in the nation, with nearly a third of offices sitting empty.
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