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Starwood Affiliates Buy 40-Story Wells Fargo Center

Wells Fargo Divests State's Largest Office Tower
November 17, 2017
Starwood Capital Group has acquired, through affiliated funds, the Wells Fargo Center office tower at 1300 SW Fifth Ave. and 350 SW Jefferson St. in Portland, OR, paying an undisclosed sum to Wells Fargo & Company.

The 40-story skyline office tower and an adjacent five-story former data processing building together comprise more than 725,000 square feet of Class A and creative office space built in 1972 in the Downtown submarket. It continues to stand as the tallest building in the state of Oregon.

"We are excited to expand our office portfolio in Portland to nearly two million square feet with this investment," said Sam Caven, vice president at Starwood Capital Group. "As one of the largest owners of office properties in the metro area, we are deeply committed to Portland and believe this property is an excellent addition to our portfolio."

Starwood plans to launch a capital improvement program aimed at repositioning the property into a premier class A asset to include remodeling the lobbies and entries as well as creating new tenant amenities including conference facilities, a tenant lounge, reimagined retail areas, fitness center and a bike hub.

"We are thrilled to offer both existing and prospective tenants exceptional office space in a wide variety of size options ranging from smaller suites to some of the largest contiguous blocks of space in Portland in excess of 100,000 square feet," said Andrew Wong, vice president at Starwood Capital Group. "We are confident that our ambitious renovation plans will restore this building to its former status as one of the most iconic Class A office towers not just in Portland but also in the dynamic West Coast office markets."

The new owner has tapped Trevor Kafoury and Michelle Franceschi of CBRE to handle leasing at the tower, and Josh Schweitz, Brandon O'Leary and Travis Parrott of Kidder Mathews to lease up the five-story adaptive reuse structure. Lincoln Property Company will serve as the property management firm and oversee all capital improvement related activities.

Eastdil Secured brokered the sales transaction on behalf of the seller.

Please see CoStar COMPS #4056651 for additional information on this transaction.
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