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Portland Office Building Returned to Lender
The Five Oak building, a downtown Portland office building at 421 S.W. Oak St., has returned to its lender.
The property was handed back to Nuveen, which foreclosed on the property in August with an outstanding loan balance of $44.2 million, reported the Portland Business Journal.
The 266,664-square-foot building is home to several local agencies including the county’s Aging, Disability and Veterans Services office and Multnomah County Human Services. The building was turned over to Trea Five Oak OR LLC, an entity of the Teachers Insurance and Annuity Association of America. Nuveen is a subsidiary of TIAA.
The same group late last year acquired Portland’s Sixth + Main building in a deed in lieu of foreclosure. DRA Advisors, based in New York, first acquired the property in 2020.
