SKB paid $41 million for the portfolio at the end of 2002 andhas been enjoying significant cash flow from the assets, localbrokers tell GlobeSt.com. SKB executives declined to comment on theportfolio or the sale. The firm, which invests on behalf of severalhundred high-net-worth individuals, families and trusts, andincreasingly institutions as well, is reportedly raising equity fora new investment fund.

Commercial Defeasance LLC of Charlotte, NC, said Wednesday thatit facilitated a $63-million defeasance of three separate loans forSKB that enabled it to sell the portfolio. "It was complicated dueto the combined collateral structure and the required rating agencyapproval," said Commercial Defeasance deal manager AdamColeman.

The American Bank Building (164,600 sf) and Jackson Tower(51,575 sf), both listed on the National Register of HistoricPlaces, flank the north and south sides of Pioneer CourthouseSquare, a bricked full-block public space considered the heart ofDowntown Portland. The third stands a few blocks away at SW 3rdAvenue and Morrison Street.