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Specht Acquires 239,000-SF One Pacific Square

Menlo Equities Sells 13-Story Office Tower in Old Town/Chinatown
January 25, 2018
Specht Development, Inc., a Portland, OR-based owner and developer, acquired the 13-story One Pacific Square office tower in Portland’s CBD from California-based Menlo Equities for an undisclosed price.

The 238,751-square-foot complex, which was 87 percent occupied at the time of the sale, housed the NW Natural (NYSE: NWN) headquarters since the property’s delivery in 1983. The natural gas distributer occupies about 135,000 square feet within the building located at 220 NW. Second Ave., but will be relocating to the 183,494-square-foot 250 Taylor office building upon its delivery.

Given NW Natural’s relocation, the buyer plans to reposition One Pacific Square by modernizing its lobby, adding first-floor shared tenant amenities and activating existing retail spaces.

The Holliday Fenoglio Fowler LP (HFF) investment advisory team of Logan Greer, Michael Leggett, Gerry Rohm, Ben Bullock and Dave Otis brokered the deal on behalf of the seller.

“We continue to see value-add opportunities price aggressively across the Pacific Northwest,” noted Greer. “Within the close-end fund space, an immense amount of value-add capital has accumulated and, with few opportunities in the market, we do not expect the pent-up demand for value-add product to decline anytime soon.”

Please see CoStar COMPS #4111097 for more information on this transaction.
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