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An Old Town Chinatown office tower will get an update now that an institutional investor has purchased it.

The distinctive tower at 220 N.W. Second Ave., near the riverfront, has served as NW Natural‘s headquarters since the building was completed in 1984. However, the utility company is preparing to move into the office tower being constructed at Southwest Third Avenue and Taylor Street, so the building at 220 N.W. Second Ave. became available for repositioning.

Menlo Equities sold the building to an undisclosed institutional buyer who was advised by local partner Specht Development Inc., according to a news release from Holliday Fenoglio Fowler, which brokered the sale. The price was not disclosed and had not yet appeared in public records. Menlo Equities previously bought the building in January 2015 for $48.5 million.

The new owner plans to modernize the lobby, add first-floor amenities to be shared by tenants and activate existing retail spaces, according to HFF.

The HFF investment advisory team included director Logan Greer, senior managing director Michael Leggett, senior managing director Gerry Rohm, senior director Ben Bullock, director Dave Otis and analysts Jeff Hodson and Kevin Freels.