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PORTLAND, OR-Harsch Investment Properties has acquired Pacific First Center in Downtown for $39.8 million. The 16-story, 229,000-sf office building is 85% leased to 18 tenants. The seller was long-time owner Prudential Real Estate Investors.

The building fronts both Broadway and Sixth Avenue between Yamhill and Taylor streets in the heart of the CBD and has 9,000 sf of street-level retail that is fully leased. It is surrounded by the historic Jackson Tower, which overlooks Pioneer Courthouse Square, a Hilton hotel and Fox Tower, Downtown’s newest office high rise. Tenants include Dunn Carney Allen Higgins & Tongue (45,998 sf); WebTrends (29,914 sf); Pacific Northwest Power & Conservation Council (16,811 sf); and Energy Trust of Oregon (14,957 sf).

Designed by Skidmore Owings & Merrill in 1981, the building has a lobby that is open to the sixth floor. Harsch plans to renovate the lobby, upgrade common area corridors and improve the exterior entrances. “We will bring it back to the class A office building that it once was… .,” says Harsch president Jordan Schnitzer.

The brokers in the transaction were Jeff Weber, David Ash and Russell Cooper of Eastdil Reality in San Francisco, which had the disposition assignment, and Tom Usher and Ron Brenner of Cushman & Wakefield in Portland. Leasing will be handled by Scott Madsen and Jeff Falconer of Capacity Commercial. The gross asking rental rate is $17- to $22 per sf per year. The acquisition takes Harsch’s local office portfolio to 750,000 sf.

Earlier this month, Harsch paid $15 million for Cascade Square, a 91,864-sf suburban office building in Beaverton that is 60% leased but strategically located adjacent to Harsch’s Cascade Square Shopping Center. Last year, Harsch acquired the eight-acre former Tyco/ViewMaster facility that also borders the 149,000-sf shopping center. The properties are located across Highway 217 from the 1.3-million-sf Washington Square Mall.

The Tyco property is being used to double the size of the center. The $25-million project, which includes a remodel of the existing center, has a mid-2006 completion date.

Harsch Investment has made several acquisitions in the past three months. For previous stories, click on one of the following links:

  • Oct. 17: Harsch Buys Office Building Next to its Retail Center
  • Oct. 11: Portland Investor Adds $46M of NorCal Assets
  • Sept. 1: Harsch Buys 274,000-SF Industrial Park for $24M
  • Aug. 8: Harsch Makes Local Inroads With 112,000-SF R&D Grab
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