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The Moda Tower, a major downtown Portland office property, has sold to a pair of investment and asset-management companies.

American Realty Advisors and Unico Properties purchased the 398,412-square-foot asset in a joint-venture agreement for approximately $176 million. The seller was UBS Realty Investors.

The building, which sits at 601 S.W. Second聽Ave., was completed in 1999. It has five floors of underground parking. Long-term tenants include Moda Health and law firm Lane Powell; the building is 90 percent leased.

The acquisition provides a 鈥渟table, well-leased building that will provide some stable, risk-adjusted returns,鈥� said Brian Pearce, senior vice president at Unico Properties.

Pearce said Unico was looking for a low-risk asset to guard against a future economic downturn.

鈥淚n this market, we’re at that stage in the cycle where we’re getting toward the end stage at some point,鈥� he said. 鈥淚 know everybody’s been saying that for the last couple of years, myself included. What we really like about it 鈥� it’s a very stable investment.鈥�

Some modest renovations will take place, Pearce said.

鈥淓verybody’s doing lobbies, fitness centers, things like that; we’ll be no exception,鈥� he said. 鈥淭he good news here is it’s a light touch. It doesn’t need a super-expensive repositioning, which is another thing we like about the building.鈥�

Albert Pura, senior director of American Realty Advisors, stated in a news release, 鈥淭his was a rare opportunity to acquire a newer asset with strong in-place cash flow, one of the most prestigious business addresses in the city and very limited opportunities for new development of an office property of this scale due to a lack of available sites.鈥�

Jason Flynn of Eastdil Secured represented the seller. The transaction was completed Sept. 28.