August 22, 2019 – PACWEST, an iconic 550,000-square-foot, 30-story Class A office tower in the heart of Downtown Portland has completed a major renovation. LPC Realty Advisors I, LP, an affiliate of Lincoln Property Company, acquired the property formerly known as Pacwest Center in 2016 on behalf of a pension fund client. Focused on creating the ideal tenant experience, LPC has since invested substantial capital into the project via high quality design features throughout the tower in addition to brand new indoor and outdoor amenities focused on health, well-being, and social engagement. GBD and West of West Architects assisted with the design of the upgrades and transformative efforts.
Lana Baldock and Dan Swift of Cushman & Wakefield’s Portland office are responsible for the tower’s office leasing with Dan Bozich of Urban Works Real Estate handling the retail leasing.
Patrick Gilligan, Executive Vice President, LPC West said, “We set out with the mission of providing a best-in-class and thoughtful amenity package, while ensuring that we celebrated the building’s original architectural characteristics and iconic status in the Portland marketplace. We could not be more satisfied with the results.”
The renovations and amenities package completed on the property includes a reimagined two-story lobby that embraces the buildings omnipresent curvilinear design, and sets a new standard of excellence for forward-looking office tenants. There are new conference and meeting facilities, and a full-service tenant lounge which opens to a large outdoor terrace with countless areas to meet, collaborate, and relax. There is also a new state-of-the-art fitness facility with innovative equipment, fitness on demand, steam rooms, towel service, and contemporary finishes designed to inspire and ignite tenants’ mental and physical well-being. Finally, engaging the City’s expanding cyclist population, PACWEST has a new indoor bicycle hub with its own dedicated shower and locker facilities, automated entries, and bicycle repair and wash areas.
Lana Baldock, Managing Director, said, “In acquiring this asset, LPC capitalized on a rare market opportunity, and they have remained steadfast in their vision and goal to transform this tower into a new and improved modern marvel. With these new one-of-a-kind upgrades and well-appointed design and amenity elements, PACWEST instantly becomes a centerpiece for Downtown Portland raising the bar for office buildings in our region.”
She added, “We could not be more thrilled to be part of the leasing team for PACWEST but equally we are excited about what this means for Portland and its future as a desirable and innovative city that has long been admired by the world for its uniqueness, creativity and talent.”
PACWEST currently houses a strong tenant mix ranging from professional and creative services and technology companies. The building transformation has helped attract significant new leasing activity, including two full floor leases to Technolutions on the 26th floor and KeyBank on the 20th floor.
Notably, the top two floors (29 and 30), have recently become available. A rare opportunity, this will be the first time in over two decades that these top two floors are being offered to the market on a for-lease basis.
Located at 1211 SW 5th Avenue and originally developed in 1984, PACWEST ranks among both the tallest and largest office properties in Portland. The tower contains 29 floors of office space over ground floor retail plus three levels of underground parking. PACWEST is desirably located at the epicenter of Portland’s 57-block Transit Mall in the city’s central business district, featuring immediate public transportation access with MAX lightrail and bus stops directly in front of the building. The building is also surrounded by numerous amenities including many of Portland’s most popular cultural attractions, while the downtown retail core is within blocks of the property as are several top-rated hotels.
Dan Swift, Managing Director, said, “LPC has worked diligently designing and improving PACWEST to be one of the best office destinations in not only Portland, but the Pacific Northwest. We are hearing extremely positive feedback from the brokerage community and from tenants about how spectacular this property has become. There is really nothing quite like it in Portland.”