Commonwealth Portland Building LLC Acquires Office Asset In Portland For $6.5 Million

An office property located at 421 Southwest 6th Avenue in Portland, OR, known as the Commonwealth Building, was sold for $6.5 million. The building encompasses a total area of 224,122 square feet, resulting in a price per square foot of $29. The asset reflects the current market conditions in downtown Portland, which has experienced a decline in office values.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $6,500,000
• Square Footage: 224,122
• Price Per Square Foot: $29
• Address: 421 Southwest 6th Avenue
• Market: Portland, OR
• Buyer: Commonwealth Portland Building LLC
• Brokers: Nicholas "Nick" Kucha & Ryan Plummer - Newmark

The transaction involved brokers Nicholas "Nick" Kucha and Ryan Plummer, who represented the deal through Newmark. The Commonwealth Building, previously valued at $69 million in 2016, reflects significant market changes as the trend of steep discounts is anticipated to continue into 2026, affecting property tax revenues.