Union Bank Tower

JLL, as exclusive advisor, is pleased to present a joint venture opportunity for the development of the data center build-out of Union Bank Tower, a 180,735-square-foot office and data center asset strategically located in Portland's West End CBD. This offering proposes a unique structure where the existing office component is separated from the data center expansion, allowing for specialized management and risk allocation between partners. The proposed JV agreement will be designed to leverage the strengths of both parties, combining current ownership's real estate expertise with the potential partner's data center operational knowledge.

This iconic property, situated one block from Portland's Internet Exchange and in close proximity to major switching facilities, currently hosts 12 fiber-optic carriers and 15 data center tenants in its Meet-Me-Room (MMR), as well as significant leases with companies such as Verizon, AT&T, Comcast, and Lumen. The asset offers significant value-added potential through expansion of its data center footprint in three phases, for a combined 10.157 MW.

With the nearby Pittock Block trading at nearly $1,100 per square foot in late 2020, this opportunity represents a unique position in Portland's growing data center market, offering partners the chance to capitalize on the property's strategic location and existing infrastructure while creating substantial value through expansion.