PORTLAND, OR-One Main Place, a 20-story, 315,000-sf Downtown office building, changed hands earlier this month. Chicago-based Rreef acquired the property from the Los Angeles Police and Fire Pension System, which acquired the property in late 1998 for $44.5 million.

Rreef paid about $70 million ($222 per sf) for the property, local real estate sources tell GlobeSt.com.

Vacancy in the building is about 66,000 sf or about 21%, according to officespace.com. Two full floors–14 and 15–comprise about half the vacancy; both floors have been on the market since 2004. Neither the leasing brokers nor the selling brokers responded to requests for comment. The buyer and seller also were unavailable.

One Main Place was built in 1980 and last renovated in 1999. The building is home to about two dozen tenants, including eight different law firms. The largest tenants are Northwest Regional Labs (53,000 sf), the Ball Janik law firm (41,000 sf) and the Federal Public Defenders’ office (25,000 sf). The starting full-service lease rate for recently signed deals is around $22 per sf, according to local sources.

Local Grubb & Ellis office broker Dave Squire describes One Main as a good asset that is well located and has unobstructed views from its upper floors. As for the longtime vacancy in the building, he says there has been little growth in the Downtown office market in the last few years and what growth has occurred has been organic.

Having said that, the market looks bright for owners going forward, he says. “It’s lagged in the past but the market is going to get real tight,” he says. “There’s no new construction and vacancy is already in the single digits.”

Two other CBD office buildings are expected to trade hands in the coming days, according to local sources. Those properties are US Bancorp Tower, a 1.1-million-sf landmark at the north end of the Downtown core, and One Pacific Square, a 13-story office building in Portland’s Old Town neighborhood.

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