Menlo Equities Sells 239 KSF Portland Office Asset

An institutional investor purchased One Pacific Square. NW Natural recently announced plans to relocate its headquarters from the 239,000-square-foot office tower.

One Pacific Square in Portland, Ore.
One Pacific Square in Portland, Ore.

Menlo Equities has sold One Pacific Square, a 239,000-square-foot office tower in Portland, Ore, to an institutional investor.

One Pacific Square, located at 220 N.W. Second Ave., served as NW Natural’s headquarters since the building opened for occupancy in 1983. The natural gas distributor will relocate to 250 Taylor St. The new owner is set to modernize the lobby, add first-floor shared tenant amenities and activate existing retail spaces. The LEED certified office high-rise is situated in the north end of Portland’s CBD, 1.5 miles from Interstate 5. The property offers convenient access to multiple bus stations, restaurants and hotels, including Theo’s, The Society Hotel and The Benson.

HFF’s Logan Greer, Michael Leggett, Gerry Rohm, Ben Bullock, Dave Otis, Jeff Hodson and Kevin Freels represented the seller in the transaction. Specht Development negotiated the deal on behalf of the buyer. The transaction comes a few months after HFF secured more than $40 million for the disposition and recapitalization of CH2M Center, a 227,000-square-foot Portland office tower.

According to Yardi Matrix data, Menlo Equities purchased One Pacific Square in 2015 from The Ashforth Co. as part of a multi-state portfolio sale.

Image courtesy of Yardi Matrix