The aluminum-skinned, 525,000-sf structure with undergroundparking at Sixth Avenue and Jefferson St. was developed in themid-1980s by the majority owner, Mitsubishi Estate Co. of Japan.The building is 96% leased. The largest tenants are Schwabe,Williamson & Wyatt, Key Bank, Merrill Lynch, Oracle and AonCorp. The building was designed by Hugh Asher Stubbins ofCambridge, MA, in collaboration with Skidmore, Owings & MerrillArchitects LLP of New York.

"In the late 1990s the Wall Street Journal named it the bestbuilding in Portland and we think it is still one of the top threebuildings in the city given its stature, tenant roster, demand,quality, etc.," Langley says. "This is a core deal for us, along-term hold."

It may be a long-term hold, but the deal itself was wired to avery short fuse. "We didn't get notified that the asset was forsale until the middle of October," Langley says. "It has been a24-7, full-court press for us since we were selected 30 daysago."