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An 11-story office tower in downtown Portland has sold for $68 million.

The 400 Sixth Avenue tower, a 208,477-square-foot office property, was purchased by a joint venture of SteelWave and Barings Real Estate Advisers on behalf of an institutional investor.

The seller was Portland-based Felton Properties. It was represented by NKF Capital Markets Vice Chairman Nick Kucha and Director James Childress.

The transaction equates to $326 per square foot.

The buyer plans to make improvements and reposition the building as a creative-office property.

鈥淲e have been evaluating the Portland market for two years and are excited to make our entry into Portland, in this cycle, by acquiring an asset with such great potential,鈥� Peter Llorente, SteelWave’s managing director of acquisitions and development, stated in a news release.聽鈥淲ith our partner, Barings, we have significant improvement plans for this asset.鈥�

The property was built in 1961. It previously sold for $30.25 million in 2004, according to Multnomah County records.

The transaction is the first for the newly created NKF Pacific Northwest Capital Markets office in Portland.

鈥淭his property sale is testimony to a market that is continuing to show strength and growth,鈥� Childress stated. 鈥淚nstitutional real-estate capital views the fundamentals of Portland with optimism and wants to be here. We expect to see continued upward pricing momentum as outside groups look to plant a flag in Portland’s office market as tenants and as buyers.鈥�

The property has 17-foot floor heights, 10-foot window lines and views of Mount Hood. The building is located along bus and light-rail lines in downtown Portland. On the ground floor is a vacant retail space formerly occupied by Camera World.