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The Congress Center, a 23-story office tower in downtown Portland, has been purchased by American Realty Advisors and its joint-venture partner, Unico Properties. The purchase price was not disclosed.

鈥淚t’s an A-plus location, on the transit mall right in the center of downtown,鈥� said Brian Pearce, senior vice president at Unico Properties. 鈥淎ny time you can buy such a well-located asset for such a decent value, you’ve got to take a hard look at it.鈥�

The seller was Shorenstein, a San Francisco-based real estate investment firm.

Unico and American Realty Advisors plan to upgrade and reposition the property, Pearce said.

鈥淚t’s a medium-term hold,鈥� he said. 鈥淭he plan is to obviously make some improvements, redo the lobbies, upgrade some building amenities and reposition the asset so it’s one of the top buildings in the market again.鈥�

The 389,260-square-foot building was completed in 1982, according to city records. The glass-walled tower is at 1001 S.W. Fifth Ave.

The Congress Center joins a fleet of older office properties that have recently been purchased to be renovated and ultimately command higher rents. Such properties are being forced to compete with modern, creative-office spaces that are generating rents exceeding $40 per square foot in some cases.