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February 19, 2015

KOIN Center Acquired for $88M

Globe St.

David Phillips

PORTLAND, OR-KOIN Center, a 35-story mixed-use building that last changed hands in 2009, has been acquired by ScanlanKemperBard Companies for $88 million. Investment brokers, Clayton Jew and Dave Wientjes, of Kidder Mathews' San Francisco office represented the seller, American Pacific International Capital, Inc., an international investment holding company with businesses throughout the U.S. and China.

ScanlanKemperBard, one of the largest real estate merchant banking firms in the Western US, plans to return the landmark "to its original prominence." KOIN Center has approximately 355,000 rentable square feet and is located at 222 W. Columbia Street. It is named for anchor tenant KOIN, a CBS television affiliate.

"This will be one of, if not the largest, office sale transaction in downtown Portland this year," said Jew. "The sale indicates the continuing growth of investor confidence in West Coast urban markets. Downtown Portland is a highly desirable market and fits this profile."

American Pacific International is said to have paid between $50 and $60 million for the property five years ago. That would be approximately half the $109 million paid for the KOIN Center in 2007 by an investment group that included the California Public Employees' Retirement System and CommonWealth Partners.

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