Menashe Properties has strengthened its long-term investment in downtown Portland by acquiring the American Bank Building. Founded by Barry Menashe in 1978, the Portland-based commercial real estate firm closed on the building located at 621 SW Morrison Street for $13.6 million – a record low dollar-per-square foot sale price for downtown Portland recently. The 183,735 square foot property is listed on the National Register of Historic Places and situated close to Pioneer Courthouse Square. Charles Safley from CBRE’s Pacific Northwest Capital Markets team represented the seller when it was sold for $45 million back in 2014 – making this first major office sale since April 2020’s market downturn even more remarkable.
This purchase brings Menashe Properties’ total ownership and management of commercial real estate within downtown Portland up to 800,000 square feet; including 12th & Morrison, 511 Building, 610 Broadway Electric Building and Unitus Plaza buildings too!
