PacWest Center

History

Construction of PacWest Center began in October 1982, and the building was formally dedicated on November 1, 1984. The building's name is derived from former anchor tenant, Pacific Western Bank of Oregon, owned by PacWest Bancorp. However, PacWest's Oregon operations were acquired by KeyCorp in 1986 and became part of KeyBank. Tokyo-based Mitsubishi Estate Co. had been the majority owner in the building since it rose in 1984.

In 1985, the building's design won its architects, Hugh Stubbins & Associates and Skidmore, Owings & Merrill, the year's top "honor award" from the Portland chapter of the American Institute of Architects. The building's lobby was remodeled in 2002. In December 2007 the building was sold to Ashforth Pacific Inc. for $161.5 million. During a windstorm in December 2014 a piece of sheet metal blew off from the tower and damaged the neighboring Standard Plaza. Ashforth sold the PacWest Center in 2016 for $170 million to LPC Realty Advisors I LP.

Details

PacWest is the fourth largest office building in Portland with 491528 sqft of floorspace. The modern, metallic look of the building comes from the use of aluminum panels imported from Japan. Law firm Schwabe, Williamson & Wyatt is one of the largest tenants, occupying the 15th to 19th floors. The firm has been based in the building since 1984.

References

References

1. McKinlay, Theresa. (October 16, 2006). "Work on Pacwest Center begins in October 1982". Daily Journal of Commerce.
2. {{CTBUH. 12769
3. "Emporis building ID 122599". [[Emporis]].
4. {{SkyscraperPage. 1607
5. {{Structurae. 20029049
6. Jenkins, Tam. (October 1, 2013). "List Leaders: Portland's largest office buildings". Portland Business Journal.
7. . (October 27, 1982). "Officials toast construction of $75 million building". *The Oregonian*.
8. Julie Tripp. (November 2, 1984). "Japanese help to launch Pacwest Center". The Oregonian.
9. (22 January 2011). "KeyCorp Company History". Funding Universe.
10. "KeyCorp takeovers approved". (October 9, 1986). ''The Oregonian'', p. D11.
11. Frank, Ryan. (December 21, 2007). "Ashforth Pacific buys a 'trophy' downtown". The Oregonian.
12. Hayakawa, Alan R. (October 24, 1985). "Pacwest Center, Greyhound Bus Terminal win top awards". ''The Oregonian'', p. F4.
13. (December 21, 2007). "Ashforth Pacific buys signature skyscraper". Portland Business Journal.
14. (December 11, 2014). "Panel breaks free from Pacwest Center, slams into 15th floor of Standard building; 1 slightly injured". The Oregonian.
15. (October 21, 2016). "Prominent downtown office tower sells for 2016's highest price". Portland Business Journal.
16. Culverwell, Wendy. (November 1, 2012). "Schwabe wrapping up multi-floor remodel at PacWest". Portland Business Journal.