The Five Oak building, located at 421 S.W. Oak St. in downtown Portland, has been returned to its lender.
According to a report by the Portland Business Journal , Nuveen foreclosed on the property in August due to an outstanding loan balance of $44.2 million.
This 266,664-square-foot office building is currently occupied by various local agencies such as Multnomah County Human Services and Aging, Disability and Veterans Services office. The ownership of the building has now been transferred to Trea Five Oak OR LLC, which is a subsidiary of Teachers Insurance and Annuity Association of America (TIAA). Nuveen itself is also a subsidiary of TIAA.
Interestingly enough, this same group had acquired another property in Portland last year through a deed in lieu of foreclosure – Sixth + Main building . This was originally owned by DRA Advisors from New York back in 2020.
This news was first reported by Connect CRE .
