The 14-story Commonwealth Building in downtown Portland traded for $41 million in a deal that closed last month.
The 14-story Commonwealth Building in downtown Portland traded for $41 million in a deal that closed last month.
Jones Lang LaSalle said the building drew investor interest because it’s positioned to attract technology and creative-class tenants. Unico and its former partner, CIGNA Realty Investors, bought the building in 2007 and shortly after launched a renovation. It’s currently 93.1 percent leased, Jones Lang LaSalle said.
The building, completed in 1948, was designed by architect Pietro Belluschi as one of the first aluminum-and-glass curtain wall office buildings, now common in skyscraper construction.
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