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Wells Fargo has sold the 40-story Wells Fargo Center in downtown Portland to an affiliate of Starwood Capital Group, the bank announced Tuesday.

Terms of the deal were not disclosed.

Wells Fargo plans to lease back space and continue to anchor the building, which will retain its name, the bank said in a news release.

Wells Fargo announced in June the listing of the tower at 1300 S.W. Fifth Ave. At the time, Wells Fargo was leasing out more than 40 percent of the 689,840-square-foot building to other tenants.

The bank has also signed an agreement to lease space at 23175 N.W. Bennett St. in Hillsboro starting Jan. 1, 2018. The company will operate a retail banking call center in the building. It can accommodate up to 900 employees, and Wells Fargo plans to relocate some employees there.

Wells Fargo plans extensive renovations at the Hillsboro site, and will start moving employees in during summer 2018, the bank announced.

Portland office space sales have repeatedly reached new highs per square foot in recent years. The current record holder on a per-square-foot basis is Pearl West, which sold in July for $87.5 million, or $563 per square foot.