HFF arranges $98.5 million in financing for Pacwest Center in Portland’s central business district
PORTLAND, OR – March 6, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged $98.5 million in financing for Pacwest Center, an iconic, 30-story, 525,000-square-foot office tower in Portland, Oregon.
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 Company and an institutional investor. This represented the largest commercial office transaction in Portland in 2016.
Pacwest Center is located at 1211 SW 5th Avenue at the epicenter of Portland’s 57-block Transit Mall in the city’s central business district. The immediate area surrounding the property has more than one million square feet of development currently underway, including Broadway Tower and 1320 Broadway. With a Walk Score® of 99, a Transit Score® of 96 and a Bike Score® of 92, the asset is a true transit-oriented property. Pacwest Center features parking for 413 vehicles through valet and self-parking and is an Energy Star-rated building. The new buyer intends to significantly renovate the tower by modernizing the common spaces, the main lobby and shared amenities. PacWest Center is 76 percent leased to tenants, including Merrill Lynch, Markowitz Herbold, Schwabe, Key Bank of Oregon and Perkins & Company.
HFF’s debt placement team representing the borrower was led by senior managing director Tom Wilson and associate director Erica Christensen.
About LPC Realty Advisors I, LP
LPC Realty Advisors I, LP (“LPCRA”) is an investment advisory affiliate of Dallas-based Lincoln Property Company. LPCRA has been a registered investment advisor since 1992 and currently has real estate assets valued at approximately $2.0 billion under management.
About Lincoln Property Company
Founded in Dallas, Texas in 1965, Lincoln Property Company is nationally recognized for its full-service, vertically-integrated institutional investment and property management platform. Since 1965, LPC has acquired and developed approximately $40 billion of residential and commercial property. LPC currently manages 144 million square feet of commercial property and 147,000 multifamily residential units for over 100 separate clients worldwide. Lincoln has performed successfully across a wide range of world-class projects including office buildings, corporate campuses, interior build-out, historic renovations, research and development facilities, laboratories and clean room, capital improvements and speculative and build-to-suit office, retail, and industrial projects and developments.
Holliday Fenoglio Fowler, L.P. (“HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 24 offices and is a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.