Real estate investment firm snags 24-story skyline asset in Portland’s central business district
PORTLAND, Ore. (October 1, 2018) — Unico Properties LLC, a subsidiary of Unico Investment Group LLC, jointly announced today with joint-venture partner American Realty Advisors (“ARA”) their acquisition of the MODA Tower in Portland’s central business district (CBD). Encompassing 398,412 square foot of Class A office space, the 24-story skyline asset is 90 percent leased.
“In collaboration with ARA, we’re excited to invest further in downtown Portland with the acquisition of a top asset with excellent window lines, and an ideal floorplate,” said Unico Senior Vice President of Real Estate Services Brian Pearce in a joint press release issued by the two companies. “We look forward to bringing an exceptional amenity package and a first-class tenant experience to the building, and elevate MODA Tower to a top tier building in the market.”
According to Pearce, the property provides direct access to the MAX light rail transit system and features an unmatched amenity package including an on-site daycare facility, gourmet coffee and food service, bike storage, exterior terraces and unobstructed views of Mt. Hood and Willamette River.
“Office tenants and employees are seeking extremely walkable locations with direct access to transit and amenities,” said Pearce. “MODA Tower is precisely aligned with these demands, quickly connecting tenants to a diverse variety of restaurants, hotels, and entertainment venues. There is an additional opportunity to add value to the asset through strategic renovations and upgrades, including a renovation of the building lobby.”
Pearce added, “We have a close pulse on the Portland market and in-demand needs of the region’s tenants. This is our second acquisition with ARA in the downtown Portland region. Together, we acquired the 23-story high-rise Congress Center office tower last year, and anticipate that we will have similar success with this property.”
Unico previously partnered with ARA to acquire another Portland skyline asset, the 23-story Congress Center (rebranded as “Sixth+Main”) in 2017. Along with MODA Tower, the private equity real estate investment firm’s 3.8 million square feet portfolio in Portland includes the U.S. Bancorp Tower (nicknamed “Big Pink” by locals), the 26-story luxury apartments NV, and the aforementioned Sixth+Main.
“Portland’s CBD has quickly emerged as one of the nation’s fastest growing tech and innovation hubs,” said Albert Pura, Senior Director at ARA. “Firms are continuing to migrate to the region in search of strong value alternatives as compared to San Francisco, Los Angeles and Seattle. MODA Tower will benefit from this ongoing economic growth and migration of jobs, driving long-term demand for the property and placing upward pressure on rents.”
MODA Tower is located at 601 SW 2nd Avenue in Portland, Oregon. Jason Flynn at Eastdil Secured represented the seller.
For members of the media
- Press release: American Realty Advisors and Unico Properties Acquire Premier Office Tower in Downtown Portland, Oregon
- Download the electronic press kit containing a media fact sheet, bios and headshot, exterior photographs of the property, and company logos.
- “Downtown Portland office tower sells to a familiar name” — Portland Business Journal
- “Downtown Portland tower trades for $180m” — Connect Media
- “Portland tower changes hands” — Commercial Property Executive
- “Downtown Portland office building purchase” — Daily Journal of Commerce Oregon
- “Unico Properties, American Realty Advisors acquire 398,412 sf MODA office tower in Portland” — REBusiness Online