Ashforth Pacific | Recent Acquisitions

Pacwest Center, Portland, OR

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.

December 21, 2007

Orrick Building, San Francisco, CA

Making its initial acquisition in the Bay Area, The Ashforth Company is pleased to announce the acquisition of the Orrick Building.

Ashforth has expanded its presence on the West Coast by purchasing the Orrick Building with its partner GE Asset Management. The Orrick Building, located at 405 Howard Street, is a 10-story, 503,576 square foot Class A office building located in the South of Market Financial District in Downtown San Francisco, California. Completed in 2002, this landmark asset features large, functional floor plates, striking architectural design, state-of-the-art building systems and an irreplaceable location within the “Transbay Redevelopment Area.” The Orrick Building is part of the greater, four-building, Foundry Square master-planned development which affords its tenants proximity to a dynamic and burgeoning residential, commercial and cultural neighborhood.

Currently, the Orrick Building is 98% occupied, with Orrick, Herrington & Sutcliffe as its anchor tenant. Other significant tenants include: Barclays Global Investors & Moody’s KMV. “We are delighted to be part of the San Francisco market. The Orrick Building presents an excellent opportunity for us to develop relationships with our existing tenants, new tenants and the San Francisco brokerage community,” said Doug Pugh, Ashforth Pacific’s Senior Vice President of Leasing & Investment.

July 31, 2007

Exchange Building, Seattle, WA

Making its initial acquisition in the Seattle market, The Ashforth Company is pleased to announce the acquisition of the Exchange Building.

Ashforth has expanded its presence in the Northwest by purchasing the Exchange Building with its partner GE Asset Management. The Exchange Building, located at 821 Second Avenue, is a 23-story, 295,432 square foot “AA” Designated, Historic office building located in Seattle’s Central Business District. Completed in 1929, the Exchange Building was originally intended to house the Seattle Stock Exchange; however, it was eventually converted to office space due to the stock market crash in the same year.

Currently, the Exchange Building is 100% occupied, with King County as its anchor tenant. Other significant tenants include: aQuantive, Inc., Varolii Corporation (formerly known as Par3), and 2 Degrees. The Exchange Building is conveniently located close to Seattle’s mass transit options (including ferry terminals) as well as municipal services, upscale housing, dining and hotel services. In addition to historic office space, the building also offers many ground floor retail amenities, including: Tully’s Coffee, Pacific Drugs, The Goodie Box, Classic Deli, and Graham’s Chiropractic Clinic.

April 17, 2007

One Pacific Square, Portland, OR

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

Ashforth 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.

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.

August 23, 2006

ODS Tower, Portland, OR

The Ashforth Company is pleased to announce the acquisition of ODS Tower.

Ashforth, a 109 year old Stamford, Connecticut based commercial real estate owner, investor and developer, has expanded its presence in the Portland market by purchasing ODS Tower with a client managed by GE Asset Management. ODS Tower, located at 601 SW Second Avenue, is a 24-story, 400,000 square foot office building located in the heart of Portland’s Central Business District. The building was completed in 1999.

Currently, ODS Tower is 99% occupied, with The ODS Companies as its anchor tenant. Other significant tenants include: Nordstrom, Lane Powell, Barran Liebman, Mulvanny G2 Architects, and the US Government. ODS Tower 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 385-space parking garage, the building also offers ground floor retail amenities including a coffee kiosk, lockers, high-end shopping, a children’s daycare facility and indoor bike storage.

November 16, 2005


Pacwest Center, Portland, OR 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. December 21, 2007 Orrick Building, San Francisco, CA Making its initial acquisition in the Bay Area, The Ashforth Company is pleased to announce the acquisition of the Orrick Building. Ashforth has expanded its presence on the West Coast by purchasing the Orrick Building with its partner GE Asset Management. The Orrick Building, located at 405 Howard Street, is a 10-story, 503,576 square foot Class A office building located in the South of Market Financial District in Downtown San Francisco, California. Completed in 2002, this landmark asset features large, functional floor plates, striking architectural design, state-of-the-art building systems and an irreplaceable location within the “Transbay Redevelopment Area.” The Orrick Building is part of the greater, four-building, Foundry Square master-planned development which affords its tenants proximity to a dynamic and burgeoning residential, commercial and cultural neighborhood. Currently, the Orrick Building is 98% occupied, with Orrick, Herrington & Sutcliffe as its anchor tenant. Other significant tenants include: Barclays Global Investors & Moody’s KMV. “We are delighted to be part of the San Francisco market. The Orrick Building presents an excellent opportunity for us to develop relationships with our existing tenants, new tenants and the San Francisco brokerage community,” said Doug Pugh, Ashforth Pacific’s Senior Vice President of Leasing & Investment. July 31, 2007 Exchange Building, Seattle, WA Making its initial acquisition in the Seattle market, The Ashforth Company is pleased to announce the acquisition of the Exchange Building. Ashforth has expanded its presence in the Northwest by purchasing the Exchange Building with its partner GE Asset Management. The Exchange Building, located at 821 Second Avenue, is a 23-story, 295,432 square foot “AA” Designated, Historic office building located in Seattle’s Central Business District. Completed in 1929, the Exchange Building was originally intended to house the Seattle Stock Exchange; however, it was eventually converted to office space due to the stock market crash in the same year. Currently, the Exchange Building is 100% occupied, with King County as its anchor tenant. Other significant tenants include: aQuantive, Inc., Varolii Corporation (formerly known as Par3), and 2 Degrees. The Exchange Building is conveniently located close to Seattle’s mass transit options (including ferry terminals) as well as municipal services, upscale housing, dining and hotel services. In addition to historic office space, the building also offers many ground floor retail amenities, including: Tully’s Coffee, Pacific Drugs, The Goodie Box, Classic Deli, and Graham’s Chiropractic Clinic. April 17, 2007 One Pacific Square, Portland, OR The Ashforth Company is pleased to announce the acquisition of One Pacific Square. Ashforth 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. 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. August 23, 2006 ODS Tower, Portland, OR The Ashforth Company is pleased to announce the acquisition of ODS Tower. Ashforth, a 109 year old Stamford, Connecticut based commercial real estate owner, investor and developer, has expanded its presence in the Portland market by purchasing ODS Tower with a client managed by GE Asset Management. ODS Tower, located at 601 SW Second Avenue, is a 24-story, 400,000 square foot office building located in the heart of Portland’s Central Business District. The building was completed in 1999. Currently, ODS Tower is 99% occupied, with The ODS Companies as its anchor tenant. Other significant tenants include: Nordstrom, Lane Powell, Barran Liebman, Mulvanny G2 Architects, and the US Government. ODS Tower 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 385-space parking garage, the building also offers ground floor retail amenities including a coffee kiosk, lockers, high-end shopping, a children’s daycare facility and indoor bike storage. November 16, 2005

825 NE Multnomah Street, Suite 1275 Portland, OR 97232 Phone: 503-233-4048 Fax: 503-231-3943	For Management information: Wade W. Lange, RPA, FMA, Vice President of Property Management Michelle D. Martin, RPA, FMA, Senior Property Manager Lisa Donaldson, Senior Property Manager Blake Peterson, Property Manager Jennie Dorsett, Property Manager For Leasing information: Douglas B. Pugh, Senior Vice President of Leasing & Investment Matthew P. Bassist, Leasing Associate For Investment/Development information: Douglas B. Pugh, Senior Vice President of Leasing & Investment Michael E. Bernatz, Investment Associate For Parking information: David W. Gragg, Senior Parking Manager