PacWest, one of Portland’s tallest buildings, sold after months on market

PORTLAND, Ore. (KOIN) — One of Downtown Portland’s tallest skyscrapers has been sold after a few months on the market.

Newmark has announced that an unidentified buyer purchased the PacWest building for an “undisclosed amount” on Wednesday. The real estate firm listed the 547,992-square-foot, 30-story property — the fourth-tallest in the city — in May.

In a LinkedIn post, Newmark Vice Chairman Nick Kucha revealed there were “multiple rounds of competitive bidding” for the skyscraper located at 1211 SW 5th Ave. The winning bid went to a “new-to-market capital source that closed right at the contract price,” according to Kucha.

“PacWest exemplifies resilience and opportunity in Portland’s evolving office market,” Kucha added in a statement. “With its transit-oriented location, market-leading amenity package and premium view space, the buyer recognized the tower’s ability to cater to both traditional and creative tenant requirements in a location with enduring demand drivers.”

Newmark noted that the Tokyo-based Mitsubishi Estate Co. initially developed the building in 1984, and it was most recently renovated in 2019. PacWest is commonly used as an office space, although the real estate firm noted that just 50% of the site has been leased out.

The property hit the market the same month as U.S. Bancorp Tower. Dubbed “Big Pink,” the 42-story building sold to an unnamed buyer earlier in July.