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Another downtown Portland building has sold for a bargain-bin price.

The Morgan Building, an eight-story, 149,710-square-foot mixed-use structure that opened in 1913, sold for $6 million to an entity with local ties.

The historic building, at 720 S.W. Washington St., previously sold for $27.5 million to Urban Renaissance Group in 2008.

URG unloaded the property to a limited liability company, Morgan Portland Building, with an address in Beaverton. Rania Chaer, a real estate broker with Oregon First, is listed as the buying entity’s manager.

The transaction, which was first reported by the Portland Business Journal, values the building at approximately $40 per square foot. Multnomah County recorded the deed on Monday.

Chaer said she was not available to comment on Wednesday. URG Managing Director Tom Kilbane declined to comment.

URG was represented in the transaction by Charles Safley of CBRE. The buyer’s representation was not immediately available.

The transaction is the latest example of investors moving on from long-held commercial real estate assets downtown amid the ongoing office slump. The PacWest Center sold for $55.7 million in October. The U.S. Bancorp Tower sold for $45 million in July. Both sales were for fractions of pre-pandemic prices.

The Morgan Building is a keystone in downtown Portland at the corner of Southwest Broadway and Washington Street. The intersection attracts about 11,000 vehicles a day on Broadway and another 7,500 on Washington Street.

Building tenants include St. Honoré Boulangerie, Oregon Wines on Broadway and The Shutterbug. Nodoguro, one of Portland’s most acclaimed restaurants, occupies a mezzanine space. The upper floors hold offices.

The property’s retail spaces for lease are represented by Commercial Realty Advisors Northwest.