The Ashforth Company recently sold its West Coast operating subsidiary, Ashforth Pacific, Inc. Scott Langley, Ashforth Pacific's CEO and president for the past ten years formed a new investment management company, Langley Investment Properties and purchased the subsidiary from Ashforth.
"Ashforth has retained Langley as the operator of its office properties on the West Coast, and Ashforth and Langley will continue a close business and working relationship in the future," said Darrell Harvey, co-chief executive officer of The Ashforth Company.
Ashforth's two million square foot West Coast office portfolio includes Liberty Centre, Pacwest Center, ODS Tower and One Pacific Square totaling 1.5 million square feet in Portland, Oregon, and The Exchange Building in Seattle and the Orrick Building in San Francisco.
"As we remain an owner of two million square feet of real estate in the Northwest, we will continue to foster the many relationships we have established with our community partners over the past 16 years," added Hank Ashforth, executive vice president of The Ashforth Company and chairman of Ashforth Pacific.
Langley, CEO and President of Langley Investment Properties said, "I am proud to have been an integral part of The Ashforth Company, which has a sterling image in the real estate industry. My vision now is to strengthen and expand the Langley office operations, and to invest, manage and develop as owners, operators and partners of prime commercial office space. We will focus on our existing markets: Portland, San Francisco and Seattle, with an eye on expansion."
The Ashforth Company entered the Portland Oregon market in 1995 purchasing 600,000 square feet of office space and several future development sites along with the establishment of a West Coast arm, Ashforth Pacific, Inc. In 1997 Ashforth completed the development of Liberty Centre, a 17-story, 280,000-square-foot office tower and remains an owner. The company grew its West Coast portfolio to three million square feet before its June, 2011 sale of three of its properties totaling nearly 600,000 square feet and a future development site.