Union Bank Tower_Property for Sale
Union Bank Tower_Property for Sale
707 SW Washington St, Portland, OR, 97205-3536, US

Union Bank Tower

Asset Description

Jones Lang LaSalle, Inc. (“JLL”), as exclusive advisor, is pleased to present the opportunity to acquire the 100% fee simple interest in Union Bank Tower (the “Property”). Union Bank Tower is an iconic 180,735 square foot office and data center asset located in the West End of Portland’s Central Business District. The Property sits just one block from Portland’s Internet Exchange (Pittock Block), which is one of only two primary Internet Exchanges for the entire Northwest and traded for nearly $1,100 per square foot, a high watermark for Portland, in late 2020. In addition, Union Bank Tower is located across the street from the CenturyLink building, Portland's main switching facility, and just one block from the AT&T building, Oregon's major legacy long distance switching facility. The Property is currently home to 12 fiber-optic carriers, with a total of 15 existing data center tenants exchanging data in its Meet-Me-Room (the “MMR”). Several notable companies, including Verizon, AT&T, Comcast, Lumen (CenturyLink), Zayo Group, and Cogent Communications, are among the current tenants that make use of server space at the Property. Investors will have the ability to add immediate value by exponentially expanding the Property’s existing data center footprint; 10th floor (Phase I), Parking Level D (Phase II), and Ground floor / Mezzanine (Phase III).

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Attributes

Building area gross
16,791 m²
Land area gross
0.37 ha
Occupancy
75.1%
Parking spaces
343
Number of floors
15 floors
Year built
1969
Year renovated
2012

Media

Investment Highlights

  • Significant capital investment in data center repositioning satisfies doubling in basis requirements for deferral of capital gains under Qualified Opportunity Zone guidelines
  • Drive telecom users by implementing a creative marketing strategy
  • Situated at the nexus of telecommunications connectivity in the Pacific Northwest
Union Bank Tower 4_Property for Sale
Union Bank Tower 4_Property for Sale

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Union Bank Tower (0 Properties)

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Last updated
16 May 2024