T
he PacWest Tower at 1211 SW Fifth Ave. will rise over downtown Portland on Oct. 31, 2025. Jonathan Bach of The Oregonian/OregonLive reports the building was sold this week to an Alaska‑based buyer, reflecting a continued downward adjustment in downtown property values that will affect local tax revenue. Multnomah County logged the transaction Thursday, but the price was omitted; Willamette Week cites a $55.7 million sale. The filing shows a $44.5 million mortgage secured with First National Bank Alaska. Bach covers housing and commercial real estate, focusing on how rent and mortgage costs impact residents and the office market. If you purchase through a site link, we may earn a commission. By using the site, you agree to our User Agreement and Privacy Policy, allowing collection of your data.