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PacWest Center, a 30-story office tower in downtown Portland, has sold to a Dallas-based institutional buyer for $170 million.

LPC Realty Advisors, an affiliate of Lincoln Property Co., purchased the 545,000-square-foot building, Holliday Fenoglio Fowler announced Wednesday.

HFF represented the seller, The Ashforth Co. of Stamford, Connecticut, and an institutional investor.

The sale is the largest commercial office transaction in Portland in 2016, according to HFF.
The building, at 1211 S.W. Fifth Ave., is 76 percent leased to tenants that include Merrill Lynch, Markowitz Herbold, Schwabe Williamson and Wyatt, KeyBank and Perkins & Co.

The buyer intends to renovate the tower’s common space, main lobby and shared amenities, HFF said.

PacWest, completed in 1984, occupies a full block bordered by Madison and Jefferson streets between Fifth and Sixth avenues.

The HFF investment sales team representing the seller was led by senior managing directors Nick Kucha and Michael Leggett of Portland.