ASHFORTH CONTINUES WEST COAST EXPANSION BY ACQUIRING PACWEST CENTER IN DOWNTOWN PORTLAND

Ashforth now Portland’s largest owner of Class A office space  in the Central City with two million square feet

Making its fifth acquisition in two years and third in Portland’s CBD, The Ashforth Company is pleased to announce the acquisition of Pacwest Center. Ashforth, a real estate owner, investor, manager and developer, has expanded its presence on the West Coast by purchasing Pacwest Center with its partner GE Asset Management. Pacwest Center, located at 1211 SW Fifth Avenue, is a 30-story, 522,022 square foot Class A office building located in Downtown Portland.

Constructed in 1984, Pacwest Center is a landmark Class A office building in the heart of Portland’s Central Business District (CBD). World-renowned architect Hugh Stubbins, in collaboration with the Portland office of Skidmore, Owings & Merrill Architects designed it. The building features a modern anodized aluminum and glass façade, a two-level atrium with high ceilings, and functional floor plates for full and multi-tenant users. These attributes combine to form one of the most recognizable buildings on Portland’s skyline. Portland’s newest Light Rail line (scheduled for 2009 completion) will extend along 5th and 6th Avenues with stops at both main entrances to the property thereby improving pedestrian activity and enhancing the area’s retail corridor.

Current occupancy is 96% spread among 60 tenants. Major tenants include Schwabe, Williamson, & Wyatt, KeyBank, Oracle, Merrill Lynch and Aon.

Scott Langley, President of Ashforth Pacific said, “We believe the purchase of Pacwest Center adds another impressive asset to our West Coast portfolio. Our intent is to grow further through acquisition and development in select markets such as Portland, Seattle, and San Francisco.”  This transaction closely follows four acquisitions on the West Coast: The Orrick Building (San Francisco) The Exchange Building (Seattle) as well as One Pacific Square & ODS Tower (both in Portland).

“We are delighted to continue our expansion in the Portland market.  Pacwest Center is a Class A trophy tower in the heart of the CBD. It also provides us an opportunity to develop further our existing relationships with the Portland brokerage community,” said Doug Pugh, Ashforth Pacific’s Senior Vice President of Leasing & Investment.