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Menashe Properties Buys Montgomery Park in Portland for $33M
Montgomery Park, a nine-story, 756,000-square-foot office building in Portland, has sold for $33 million.
Located at at 2701 N.W. Vaughn Street, the property was bought by a company tied to the Menashe real estate family, reported the The Oregonian. Menashe Properties is a family-owned commercial real estate business with a focus across the Pacific and Mountain West United States markets.
The 18-acre Montgomery Park property last sold in 2019 for $255 million. Menashe Properties CEO Jordan Menashe told the Oregonian he plans restore the building. “It is an honor to have the opportunity to purchase one of Oregon’s most iconic assets. We are going to do everything we can to revitalize Montgomery Park back to its glory days,” Menashe said.
Montgomery Park was built in 1921 and previously owned by Unico Properties and partners, which acquired it from the Bill Naito Co. in 2019. The property went into foreclosure in 2023 when borrowers defaulted on $149 million in debt tied to the property.
