The 30-story office building was purchased by Fountainhead Development, which is based in Fairbanks, Alaska, and sold for less than half of the price it sold for pre-pandemic. For the $101.64 per square foot that Fountainhead paid for the property, they became the owners of a 547,992-square-foot building that is the fourth tallest in Portland. It has a 50 percent occupancy, primarily by leases to financial and legal firms.
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Located at 1211 S.W. Fifth Avenue, the PacWest Center opened in 1988. Extensive renovations to the building took place in 2019. Locally the building is noted for its 25th floor, which contains a planted outdoor tree.
A prepared statement from Nick Kucha, Newman vice chairman, said:
“PacWest exemplifies resilience and opportunity in Portland’s evolving office market. 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.”
The pandemic forced workers out of downtown office towers; however, the real estate market is improving. The PacWest sale exemplifies this as it sold for a better per square foot price of $101.64 compared to $39.13 for the U.S. Bancorp Tower, which changed hands in July.
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