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PORTLAND-A Cushman & Wakefield team led by senior director Scott Madsen is negotiating anew the sale of ADP Plaza, a fully leased, 183,000-sf office building on the southern outskirts of the central city. Located at 2525 S.W. First Ave. and named for its anchor tenant, the four-story building is expected to trade in the $25 million range.

Madsen tells GlobeSt.com he and fellow C&W brokers Ramona Harrington and Gary Griff are representing both the owner of the property and the buyer, which Madsen won’t as yet reveal but describes as “an investor from outside the area, new to the Portland marketplace.” The current owners are nearly as much a mystery. Madsen would only confirm information GlobeSt.com already had, which is that the owners are an offshore family operating under the name Antares ADP Inc.

The family has been hoping to sell the building for several months now. Negotiations fell through with a different buyer earlier this year. This time around, Madsen tells GlobeSt.com: “We are very optimistic that we will conclude negotiations and transact with this buyer.”

A 27,000-sf lease by Oregon Health Sciences University earlier this year brought the 19-year-old building back to 100% occupancy. OHSU added to its approximately 20,000 sf by taking all available space in the building, including about 3,000 sf adjacent OHSU’s existing space on the second floor of the building’s east wing, and all 24,000 sf on the ground floor of the east wing vacated by Bank of America.

ADP is the anchor tenant in ADP Plaza, taking 115,000 sf. OHSU is now the second largest tenant in the building, with 46,721 sf, and Bank of America still maintains a 16,000-sf presence in the building. Full service lease rates for ADP Plaza are said to be around $20 per sf.

Antares ADP Inc. paid Pacific Rim Investors about $20 million for the property in 1997.Pacific Rim, which consisted of developer Bob Gerding and unnamed partners, acquired the building in 1990–after it had undergone foreclosure–for a reported $12.7 million in debt, though Oregon Title Insurance Co. records list the sale price as $9.75 million.

Pacific Rim then invested more money and took out additional loans to renovate the building and add a four-story parking garage across the street. The partners reportedly put $2 million of equity into the ADP site.

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