Menashe Properties Buys American Bank Building for $13.6M
Menashe Properties has deepened its long-term commitment to downtown Portland by acquiring the American Bank Building. The Portland-based commercial real estate firm, founded by Barry Menashe in 1978, closed on the building located at 621 SW Morrison Street.
The property is on the National Register of Historic Places, situated in the heart of Portland, adjacent to Pioneer Courthouse Square. The 183,735-square-foot building sold for $13.6 million, the lowest dollar-per-square-foot sale in downtown Portland in recent history. The American Bank Building was sold in 2014 for $45 million. The seller was represented by Charles Safley of CBRE’s Pacific Northwest Capital Markets team. This is the first major office sale in Portland’s downtown core since the market downturn in April 2020.
With this purchase, the firm owns and manages over 800,000 square feet of commercial real estate in Portland’s downtown core, including 12th & Morrison, 511 Building, 610 Broadway, Electric Building and Unitus Plaza.
Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories.
With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.