The second-tallest building in downtown Portland is latest big real estate holding to be sold.
BY JACOB PALMER | DIGITAL NEWS EDITOR
The second-tallest building in downtown Portland is the latest big real estate holding to be sold.
Financial terms have not yet been disclosed.
LaSalle Income & Growth Fund V has sold its majority stake in the U.S. Bancorp Tower to an LLC owned almost entirely by TPF Equity REIT Operating Partnership LP. The real estate investment trust is in turn owned indirectly by the UBS Trumbull Property Fund, which is associated with UBS Global Real Estate, an institutional real estate manager headquartered in Connecticut.
Unico Properties, the Seattle based co-owner and manager of the building, retains a minority share of the building, which has long been known as Big Pink for its hue and its status as the city’s largest office building, though not the tallest. That honor belongs to the Wells Fargo Center. Big Pink, located at 111 S.W. Fifth Ave., includes a 42-story, 700,000-square-foot tower and a nearly 500,000-square-foot connected plaza.
(SOURCE: Portland Business Journal)
Unico senior vice president of real estate services Brian Pearce said in a news release: “We are thrilled to retain an ownership position in, and management of, Portland’s most iconic building. We are extremely confident in the quality of this landmark property and in the continuing strength of the Portland market.”
