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Seattle & Northwest  + Portland  + Office  |  August 1, 2025
Jasmine Kilman
By: Jasmine Kilman

Office Building in Portland’s Pearl District Bought in Foreclosure Sale

The Lovejoy building, a 83,639-square-foot building at 1331 NW Lovejoy Street in Portland’s Pearl District has been transferred to its lender in a foreclosure sale.

Wilmington Trust, a registered holder of RBS Commercial Funding Inc., took back The Lovejoy building for $16.81 million through a foreclosure sale., reported the Portland Business Journal. The Lovejoy was previously owned by Seattle-based Unico Properties, which defaulted on a $24 million loan.

Last August, Wilmington Trust filed a lawsuit to put a receiver in place to manage the property. The receiver, Melissa Batchelor with Cushman & Wakefield, was appointed in early October.

Built in 2008, the Lovejoy consists of three floors of office and retail atop garage parking. The structure is LEED Gold certified and features a seventh floor garden terrace. The building had an occupancy of 61% as of June 2024.

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About Jasmine Kilman

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.
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