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Downtown Portland Tower Trades for $180M

Los Angeles-based American Realty Advisors, along with Seattle-based JV partner Unico Properties LLC, reportedly acquired Moda Tower, a 24-story tower in Portland, OR, from UBS Global Asset Management for a price in the neighborhood of $180 million. The 398,412-square-foot property is located at 601 SW 2nd Ave. and was completed in 1999.

The Class A property is centrally located in Portland’s CBD and features panoramic views, high-quality finishes, an on-site Nordstrom Rack, and five levels of parking. The tower’s design creates six corner offices per floor. Tenants include insurer Moda Health and law firm Lane Powell.

American Realty Advisors’ Albert Pura says, “At 90% occupancy, the asset has immediate stabilized cash flow with opportunities to increase NOI through leasing remaining vacant space, as well as taking advantage of ancillary revenue opportunities within the five levels of parking.”

Eastdil Secured’s Jason Flynn represented the seller.

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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

  • ◦Sale/Acquisition
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