Majority stake in US Bancorp Tower sold for $372.5 million.
BY JACOB PALMER | DIGITAL NEWS EDITOR
The majority stake in the US Bancorp Tower, AKA Big Pink, was worth $372.5 million when it was sold last month.
The building contains 1.2-million square feet of office space.
Unico Properties, the Seattle based co-owner and manager of the building, retains a minority share of the building. The company originally acquired the building in a 50-50 partnership with Chase in 2000, when the tower was at about $172 million.
In a move that both brought Big Pink into the 21st century and perhaps prepped it for this year’s sale, Unico launched a $15 million remodel in 2013. The year-long renovation added 15,000 square feet of rentable space, updated retail facades and added a new staircase and unique glass walkways, among other upgrades.
(SOURCE: Portland Business Journal)
The deal stands as “the largest single asset office sale in the history of the Portland market,” according to a writing by Jones Lang LaSalle, a commercial real estate company.
Earlier this year, the Overton Pearl office building in Northwest Portland sold for $500 a square foot, for a total price of nearly $31 million.
The deals happened during a year that saw low vacancy rates and climbing rents for office space in Portland’s commercial real estate market.
(SOURCE: OregonLive.com)
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