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Pioneer Tower, a 17-story office building in downtown Portland, has sold for $122 million.

The buyer is JLL Income Property Trust, a real-estate investment trust. The seller was General Growth Properties.

The sale equates to a capitalization rate of 5 percent for the Class A office building, and equates to $412 per square foot. The transaction does not include the Pioneer Place mall, on which the tower sits at 888 S.W. Fifth Ave.

The tower, constructed in 1999, has 296,000 square feet of Class A office space. The building was 95 percent leased at time of sale. Tenants include Tonkon Torp, one of Portland’s largest law firms, and other professional service companies. The tower also offers 188 parking stalls.

Allan Swaringen, president and chief executive of JLL Income Property Trust, noted in a news release Thursday that Portland had a low direct vacancy rate of 6.7 percent, and has maintained a vacancy rate below 10 percent for 10 years. Swaringen said Portland is one of JLL’s 鈥渢arget office markets鈥� in part because of its growing tech sector.

The property offers tenants a unique amenity base, including nearby stores such as Apple, Nike and Louis Vuitton, and light-rail access via the TriMet transit mall, JLL said.

The transaction came during the same week as the announcement of the sale of the Commonwealth Building, which sold for $69 million to KBS Capital Advisors.