The Ashforth Company is pleased to announce the acquisition of One Pacific Square.

Ashforth, a 110-year-old Stamford, Connecticut based commercial real estate owner, investor and developer, has expanded its presence in the Portland, OR market by purchasing One Pacific Square with its partner GE Asset Management. One Pacific Square, located at 220 NW Second Avenue, is a 13-story, 240,000 square foot Class A office building located within the Old Town/Chinatown District of Portland’s Central Business District.  This “headquarters” building was completed in 1983.

Ashforth now owns and manages seven million square feet on the East and West Coasts. Based in Portland, Ashforth Pacific, Inc. oversees their West Coast portfolio, which includes Lloyd Center Tower, ODS Tower, Liberty Centre, Lloyd 700 Building, and Oregon Square as well as several development sites. Ashforth Pacific is an investor and developer of office and industrial real estate and provides property, parking and construction management services.

Scott Langley, president of Ashforth Pacific said, “We believe the purchase of One Pacific Square adds another superb asset to our West Coast real estate portfolio. Our intent is to grow further through acquisition and development in select markets such as Portland and Seattle.”  This transaction closely follows the acquisition of ODS Tower in November 2005. “One Pacific Square, which is home to the corporate headquarters of NW Natural Gas Company, is a Class A multi-tenant building with outstanding tenants,” added Langley.

Currently, One Pacific Square is 93% occupied, with NW Natural Gas Company as its anchor tenant. Other significant tenants include: JBL&K, Fannie Mae, Phillips & Company, and Maginnis & Carey. One Pacific Square is located adjacent to Portland’s Lightrail line and is within walking distance of upscale retail, dining and hotel services. In addition to Class A office space and a 164-space parking garage, the building also offers ground floor retail amenities.

“We view our tenant relationships as a partnership and consider them our clients. We provide the highest level of service to support the businesses that operate in our buildings,” said Wade Lange, Ashforth Pacific’s vice president of property management.

Ashforth’s investment strategy is to acquire quality assets in markets with good long-term fundamentals, and to enhance value through the company’s operating expertise. Ashforth has investment interests in locations throughout the country.

For more information about One Pacific Square or to arrange an interview with an Ashforth executive contact Kim DePra, The Ashforth Company, 203-388-1154. Visit www.ashforth.com for additional information on The Ashforth Company.