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Jones Lang LaSalle, Inc. (“JLL”), as exclusive advisor, is pleased to present the opportunity to acquire the 100% fee simple interest in Union Bank Tower (the “Property”). Union Bank Tower is an iconic 178,634 square foot office (excluding parking) and data center asset located in the West End of Portland’s Central Business District. The Property sits just one block from Portland’s Internet Exchange (Pittock Block), which is one of only two primary Internet Exchanges for the entire Northwest and recently traded for nearly $1,100 per square foot, a high watermark for Portland. In addition, Union Bank Tower is located across the street from the CenturyLink building, Portland's main switching facility, and just a few blocks from the AT&T building, Oregon's major legacy long distance switching facility. The Property is currently home to 10 fiber-optic carriers as well as 18 other service providers exchanging data in its Meet-Me-Room (the “MMR”). Investors will have the ability to add immediate value by exponentially expanding the Property’s existing data center footprint in the recently vacated ground floor, below-grade parking Level D, and vacant suites in the tower.
- Rare Data Center Reposition Opportunity – Union Bank Tower is a 17-story core Portland property with rate connection capabilities, providing a unique opportunity to create additional data center and telecommunications space.
- Super-PoP Potential – Union Bank Tower is the key point of origination and termination of two important long-haul fiber routes, the Joint Trench and FTV Build. The Property has four major fiber entries in the parking garage with Lumen, Verizon, Zayo, and Mox Networks owning physical long-haul fiber cable assets.
- Colocation Expansion Potential – With improvements to the fiber management of the building, Union Bank Tower can offer the required interconnectivity to attract colocation tenants that need to route data within the Pacific Northwest region and beyond. Union Bank Tower presents the opportunity to expand the colocation business to the 10th floor, Parking Level D and the main ground floor spaces.
- Unique Rebranding Opportunity – Union Bank Tower, formerly known as the Union Bank of California Tower and originally as the Bank of California building, will no longer be home to Union Bank on the ground floor. As a result, investors will have the opportunity to rebrand the building.
- Electrical Power Source Potential – Union Bank Tower’s current utility capacity of 1.6MW via three (3) 1,000 kVA three phase 277 / 480 volt transformers is sufficient for immediate expansion on the 10th floor. In addition, ownership has begun the process of obtaining additional utility power (available through Pacific Power grid) for future data center expansion.
- Value-Add Office Opportunity – The Property is well-positioned for an investor to capitalize on existing vacancies and near-term rollover by marking rents to market (~23% below market, on average) through upgrading building finishes and performing speculative suite buildouts.
- Demand Drivers – The Pacific Northwest remains a top destination for corporations looking for data center space given its robust telecommunication infrastructure, low-cost clean power, favorable tax structure, and technology industry base.
- Prime Location – Union Bank Tower is strategically situated in Portland’s highly desirable West End of the Central Business District between the South Waterfront and Portland’s Pearl District, known for some of the city’s top restaurant and nightlife destinations.