ARA, Unico Snap Up Congress Center
- Jan 11, 2017
by Veronica Grecu
Portland, Ore.—A partnership consisting of American Realty Advisors (ARA) and Unico Properties has taken ownership of Congress Center, a Class A office building located in the heart of Portland’s central business district. Financial terms of the transaction remained undisclosed.
HFF’s Nick Kucha and Michael Leggett negotiated the deal on behalf of the seller, San Francisco-based Shorenstein Properties. ARA and Unico were assisted by Tom Wilson and Erica Christensen at HFF in securing the acquisition loan through RBC Capital Markets.
“Downtown Portland offers the urban lifestyle that today’s office workers are seeking. This location boasts a walkability score of 99, a transit score of 96, and a bike score of 94,” said Drew Hess, Senior Director, Investment Group, at American Realty Advisors. “Overall, this is a functional office tower situated in a coveted business district within an economically diverse market that is positioned for long-term growth. These are precisely the fundamentals we look for in assets that we acquire.”
Built in 1980 under plans designed by Skidmore, Owings & Merrill, Congress Center was originally known as the Orbanco Building for its anchor tenant at the time. In January 2002 the building was renamed into Congress Center after the former Congress Hotel which was located on the site from 1912 until 1977.
The property, which encompasses 384,951 rentable square feet, is located at 1001 SW 5th Avenue, just two blocks from Pioneer Square, Portland’s main retail district. According to a statement from the press, the new owners plan to reposition the building in order to attract office tenants. The office building will have an upgraded lobby, fitness center, and bike parking, as well as a list of new amenities aiming to encourage creativity and collaboration among tenants.
Image via Wikimedia Commons